Bitcoin price has started a new rally, breaking through the $80,500 zone. $BTC The market is trending steadily and could aim for further gains above the $82,000 level.
- Bitcoin managed to hold above $78,800 and begin a new rally.
- The price is trading above $80,500 and the 100 hourly simple moving average.
- On the hourly chart, the price broke above the bearish trend line with resistance at $80,650. $BTC/USD pair (data feed from Kraken).
- The pair could move higher if it breaks above the $80,500 and $80,000 levels.
Bitcoin price regains strength
Bitcoin price found support near $78,800 and started a new rally. $BTC It regained its pace above the resistance levels at $79,500 and $80,200.
Bulls pushed the price above $80,500. On the hourly chart, the price broke above the bearish trend line with resistance at $80,650. $BTC/USD pair. A high was formed at $82,017, and the price began a consolidation phase. There was a slight decline below the 23.6% Fib retracement level of the swing low of $78,720 to high of $82,017.
Bitcoin is currently trading above $80,500 and its 100-hour simple moving average. If the price remains stable above $80,500, it could attempt a new rally. Immediate resistance is near the $81,500 level.
The first major resistance level is near the $82,000 level. If the price closes above the $82,000 resistance, the price could move higher. In the above case, the price could rise and test the $82,800 resistance. Further upside could push the price closer to the $83,500 level. The next barrier for the bulls could be $85,000.
Under price correction $BTC?
If Bitcoin fails to rise above the $82,000 resistance zone, a further decline could begin. 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 swing low of $78,720 to the high of $82,017.
The next support is currently near the $79,980 zone. Any further losses could send the price towards the $79,200 support in the near term. The current major support is $78,800 and below it. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently above the 50 level.
Major support level – $80,750 followed by $80,350.
Key resistance levels – $82,000 and $82,800.
