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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.