Bitcoin price started a new increase and reached the $78,000 zone. BTC is consolidating and could aim for more gains above the USD 78,550 level.
- Bitcoin managed to stay above $77,000 and started a new rise.
- The price is trading above $77,800 and the 100 hourly moving average.
- A bullish trendline is forming with support at $78,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it remains above the USD 77,200 and USD 77,000 levels.
Bitcoin price looks fresh
Bitcoin price found support near $75,000 and started a new increase. BTC gained pace for a move above the USD 76,500 and USD 77,500 resistance levels.
The bulls even pushed the price above $79,000. A high was reached at $79,490, and the price started a small downward correction. It fell below $78,000 and tested the 50% Fib retracement level of the upward move from the $74,850 swing low to the $79,490 high.
However, the bulls were active above $77,000. Bitcoin is now trading above $78,000 and the 100 hourly moving average. A bullish trendline is also forming with support at $78,000 on the hourly chart of the BTC/USD pair.
If the price remains stable above USD 77,200, a new increase can be attempted. Immediate resistance is near the $78,550 level. The first major resistance is around the $79,000 level. A close above the USD 79,000 resistance could send the price higher. In the mentioned case, the price could rise and test the USD 79,500 resistance. Any further gains could send the price towards the $80,000 level. The next barrier for the bulls could be $82,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 78,550 resistance zone, it could trigger another decline. Immediate support is near the $78,000 level. The first major support is near the $77,000 level or the 50% Fib retracement level of the upward move from the $74,850 swing low to the $79,490 high.
The next support is now near the $76,250 zone. Any further losses could send the price towards the USD 75,500 support in the short 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 77,200, followed by USD 77,000.
Major resistance levels – $78,550 and $79,000.