Bitcoin price started a new increase and reached the $78,500 zone. BTC is consolidating and could aim for more gains above the USD 79,200 level.
- Bitcoin managed to stay above $76,000 and started a new increase.
- The price is trading above $78,000 and the 100 hourly moving average.
- A bullish trendline is forming with support at $78,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it remains above the USD 78,250 and USD 77,500 levels.
Bitcoin price eyes more gains
Bitcoin price found support near $77,000 and started a new increase. BTC gained pace and rose above the USD 77,500 and USD 78,000 resistance levels.
The bulls even pushed the price above $78,500. A high was formed at $79,480, and the price entered a consolidation phase above the 23.6% Fib retracement level of the upward move from the $77,145 swing low to the $79,480 high.
The bulls are now active above $78,000. Bitcoin is now trading above $78,200 and the 100 hourly moving average. A bullish trendline is also forming with support at $78,250 on the hourly chart of the BTC/USD pair.
If the price remains stable above USD 78,200, a new increase can be attempted. The immediate resistance is near the $79,200 level. The first major resistance is around the $79,500 level. A close above the USD 79,500 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 80,000 resistance. Any further gains could send the price towards the USD 81,200 level. The next barrier for the bulls could be $82,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 79,500 resistance zone, it could trigger another decline. Immediate support is near the $78,600 level. The first major support is near the $78,300 level or the 50% Fib retracement level of the upward move from the $77,145 swing low to the $79,480 high and the trendline at $78,250.
The next support is now near the $77,250 zone. Any further losses could send the price towards the USD 76,500 support in the near term. The key support is now at $75,000, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 78,250, followed by USD 77,250.
Major resistance levels – $79,500 and $80,000.