The price of Bitcoin has begun a new upward trend, surpassing the $80,000 mark. Currently, BTC is consolidating its gains and may experience a minor correction to test the $80,500 level.
- Bitcoin has initiated a new rally beyond the $80,000 threshold.
- The price continues to trade above $80,500 and the 100 hourly Simple Moving Average.
- A significant breakout occurred above a bearish trend line with resistance at $78,800 on the hourly chart for the BTC/USD pair (data from Kraken).
- The pair may start another upward trajectory if it breaks past the $83,500 level.
Bitcoin Price Climbs Over 5%
Beginning from the $74,500 zone, Bitcoin’s price surged upward, establishing a solid base that propelled it above both the $78,500 and $80,000 resistance levels.
The bulls have driven the price above the $80,500 resistance. A breakthrough occurred above a key bearish trend line with resistance at $78,800 on the BTC/USD hourly chart. The pair even surpassed the $82,500 resistance region, hitting a peak of $83,548 before currently consolidating gains above the 23.6% Fib retracement level from the $74,572 swing low to the $83,548 high.
Bitcoin’s price is now trading above $80,200 and the 100 hourly Simple Moving Average. Immediate resistance is located around the $83,200 level, with the first key resistance at $83,500.
The next significant resistance may be at $84,500. A close above this level could lead to further price increases, potentially testing the $85,800 resistance. Additional gains might propel the price closer to $88,000.
Are Dips Supported in BTC?
Should Bitcoin fail to breach the $83,500 resistance area, it might begin a downside correction. Immediate support on the downside is located around the $81,400 level, with major support near the $80,500 mark.
The following support level is around the $79,500 zone or the 50% Fib retracement of the upward move from the $74,572 swing low to the $83,548 high. Further declines may lead the price towards the $78,000 support in the near term, with pivotal support located at $75,000.
Technical Indicators:
Hourly MACD – The MACD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $81,400, followed by $80,500.
Major Resistance Levels – $83,500 and $84,500.
