Bitcoin price started a fresh increase above the $80,000 zone. BTC is now consolidating gains and might correct some to test the $80,500 zone.

• Bitcoin started a fresh increase above the $80,000 zone.
• The price is trading above $80,500 and the 100 hourly Simple moving average.
• There was a break above a key bearish trend line with resistance at $78,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $83,500 zone.

Bitcoin Price Jumps Over 5%

Bitcoin price started a fresh increase from the $74,500 zone. BTC formed a base and gained pace for a move above the $78,500 and $80,000 resistance levels.

The bulls pumped the price above the $80,500 resistance. There was a break above a key bearish trend line with resistance at $78,800 on the hourly chart of the BTC/USD pair. The pair even cleared the $82,500 resistance zone. A high was formed at $83,548 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $74,572 swing low to the $83,548 high.

Bitcoin price is now trading above $80,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $83,200 level. The first key resistance is near the $83,500 level.

The next key resistance could be $84,500. A close above the $84,500 resistance might send the price further higher. In the stated case, the price could rise and test the $85,800 resistance level. Any more gains might send the price toward the $88,000 level.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $83,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $81,400 level. The first major support is near the $80,500 level.

The next support is now near the $79,500 zone or the 50% Fib retracement level of the upward move from the $74,572 swing low to the $83,548 high. Any more losses might send the price toward the $78,000 support in the near term. The main support sits at $75,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace 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.

Soon after the US CPI data release for March, with inflation hotter than expected, the Bitcoin price tanked under $67,000 losing its crucial support level. However, hours later, BTC was quick to regain past $70,000 as investors looked forward to the upcoming halving next week. Although the Bitcoin price recovery helped the broader crypto markets recover, the meme coins benefitted the most from it.

Meme Coins Party Continues

According to insights from on-chain data provider Santiment, Bitcoin’s resurgence above the $70,000 mark has coincided with continued gains for meme coins, indicating a redistribution of profits among traders. Despite differing opinions on their role within the cryptocurrency sphere, meme coins have outperformed other categories of altcoins in recent days.

The surge in speculative assets has been a defining trend in 2024. Traditionally, rapid price increases in projects with limited development progress can serve as a warning sign that the cryptocurrency market is approaching a peak.

However, the recent market cap growth observed in coins like DOGE, TRUMP, AIDOGE, and SPX may not necessarily signal the end of the rally, especially with the Bitcoin halving event, historically associated with bullish sentiment, just 9 days from now.

Bitcoin-based PUPS Make Solid Gains

PUPS, a meme coin project built on the Bitcoin blockchain, has experienced a remarkable surge in value, with its price soaring by an impressive 1,075% over the course of the last seven days.

According to data from CoinGecko, PUPS is presently trading at $45.40, hovering just below its recently established all-time high of $47.44. The heightened activity surrounding PUPS extends beyond its price surge, with its BRC-20 NFT collection witnessing a staggering 6,948% increase in sales over the same seven-day period.

Additionally, statistics show that PUPS BRC-20 NFTs have secured the second position in terms of sales volume over the past week, amassing a total of $18.4 million from 3,232 transactions involving 1,161 buyers. This achievement surpasses the performance of NodeMonkes, which recorded $11.72 million in sales, marking a comparatively modest increase of 108.61%.

The success of PUPS reflects a broader trend observed in the market. Over the last seven days, sales volume of NFTs on the Bitcoin blockchain has surpassed that of Ethereum and Solana, two platforms traditionally synonymous with NFT activity.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.