Bitcoin Price Gains Renewed Strength, Market Eyes Bullish Breakout

Bitcoin price started a fresh increase and cleared the $81,500 zone. BTC is consolidating and might aim for more gains above the $82,450 level.

Bitcoin managed to stay above $79,200 and started a fresh increase.
The price is trading above $80,750 and the 100 hourly simple moving average.
There is a bullish trend line forming with support at $80,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend gains if it stays above the $80,800 and $80,000 levels.

Bitcoin Price Turns Positive

Bitcoin price found support near $79,200 and started a fresh increase. BTC gained pace for a move above the $79,750 and $80,200 resistance levels.

The bulls even pushed the price above $82,000. A high was formed at $82,436, and the price started a consolidation phase. There was a minor decline toward the 23.6% Fib retracement level of the upward move from the $79,168 swing low to the $82,436 high.

Bitcoin is now trading above $80,750 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $80,800 on the hourly chart of the BTC/USD pair.

If the price remains stable above $80,500, it could attempt a fresh increase. Immediate resistance is near the $82,000 level. The first key resistance is near the $82,450 level. A close above the $82,450 resistance might send the price further higher. In the stated case, the price could rise and test the $83,200 resistance. Any more gains might send the price toward the $84,000 level. The next barrier for the bulls could be $85,000.

Downside Correction In BTC?

If Bitcoin fails to rise above the $82,000 resistance zone, it could start another decline. Immediate support is near the $80,800 level and the trend line. The first major support is near the $80,400 level or the 61.8% Fib retracement level of the upward move from the $79,168 swing low to the $82,436 high.

The next support is now near the $79,950 zone. Any more losses might send the price toward the $79,250 support in the near term. The main support now sits at $78,500, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $80,800, followed by $80,000.

Major Resistance Levels – $82,000 and $82,450.

[#item_full_content]NewsBTCRead More