Bitcoin price is up more than 5% and trading above $80,000. BTC is rising and could aim to break above the $82,000 resistance zone in the near term.
- Bitcoin began a fresh push above the $78,500 zone.
- The price is trading above $80,000 and the 100 hourly simple moving average.
- There is a connected uptrend line forming with support at $80,250 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair may continue to rise above the $81,500 resistance zone.
Bitcoin Price Sets Another ATH
Bitcoin price started a further increase above the $76,500 level. BTC broke the $78,000 resistance and reached a new all-time high. It reached a high of $81,700 and is currently consolidating its gains.
There was a slight decline below the $81,500 level. However, the price is still well above the 23.6% Fibonacci retracement level of the upward move from the $75,785 low to $81,700 high. There is also a bullish trend line forming with support at $80,250 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $80,000 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $81,700 level. The first key resistance is near the $82,000 level. A sharp move above the $82,000 resistance could send the price higher. The next key resistance could be $82,500.
A close above the $82,500 resistance could generate further gains. In the indicated case, the price could rise and test the resistance level of $83,800. Any further gains could push the price towards the $85,000 resistance level.
Are dips supported in BTC?
If Bitcoin fails to rise above the $81,700 resistance zone, it could begin a downward correction. Immediate downside support is near the $80,250 level and the trendline.
The first major support is near the $78,750 level or the 50% Fibonacci retracement level of the upward move from the $75,785 low to $81,700 high. The next support is now near the $77,500 area. Any further losses could push the price towards the $76,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now accelerating into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $80,250, followed by $78,750.
Major resistance levels – $81,700 and $82,500.
