Bitcoin price started a new increase and reached the $80,500 zone. BTC is consolidating and could aim for more gains above the USD 82,000 level.
- Bitcoin managed to stay above $78,800 and started a new rise.
- The price is trading above $80,500 and the 100 hourly moving average.
- There was a break above a bearish trendline with resistance at $80,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it remains above the USD 80,500 and USD 80,000 levels.
Bitcoin price regains strength
Bitcoin price found support near $78,800 and started a new increase. BTC gained pace for a move above the USD 79,500 and USD 80,200 resistance levels.
The bulls even pushed the price above $80,500. There was a break above a bearish trendline with resistance at $80,650 on the hourly chart of the BTC/USD pair. A high was reached at $82,017, and the price entered a consolidation phase. There was a small decline below the 23.6% Fib retracement level of the upward move from the $78,720 swing low to the $82,017 high.
Bitcoin is now trading above $80,500 and the 100 hourly moving average. If the price remains stable above $80,500, another move up can be attempted. The immediate resistance is near the $81,500 level.
The first major resistance is around the $82,000 level. A close above the USD 82,000 resistance could send the price higher. In the mentioned case, the price could rise and test the USD 82,800 resistance. Any further gains could send the price towards the USD 83,500 level. The next barrier for the bulls could be $85,000.
Downward correction in BTC?
If Bitcoin fails to rise above the USD 82,000 resistance zone, it could trigger another decline. The immediate support is near the $80,750 level. The first major support is near the $80,350 level or the 50% Fib retracement level of the upward move from the $78,720 swing low to the $82,017 high.
The next support is now near the $79,980 zone. Any further losses could send the price towards the USD 79,200 support in the near term. The key support now lies at $78,800, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 80,750, followed by USD 80,350.
Major resistance levels – $82,000 and $82,800.