Bitcoin Price Holds Firm Near Highs, More Gains Could Follow

Bitcoin price started a fresh increase and cleared the $80,500 zone. BTC is consolidating and might aim for more gains above the $81,200 level.

Bitcoin managed to stay above $78,500 and started a fresh increase.
The price is trading above $78,800 and the 100 hourly simple moving average.
There is a bullish trend line forming with support at $79,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend gains if it stays above the $79,200 and $78,800 levels.

Bitcoin Price Eyes Fresh Highs above $81K

Bitcoin price found support near $78,500 and started a fresh increase. BTC gained pace for a move above the $78,800 and $79,200 resistance levels.

The bulls even pushed the price above $80,500. A high was formed at $80,770, and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $74,940 swing low to the $80,770 high.

Bitcoin is now trading above $79,200 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $79,200 on the hourly chart of the BTC/USD pair.

If the price remains stable above $79,200, it could attempt a fresh increase. Immediate resistance is near the $80,500 level. The first key resistance is near the $80,800 level. A close above the $81,200 resistance might send the price further higher. In the stated case, the price could rise and test the $81,650 resistance. Any more gains might send the price toward the $82,000 level. The next barrier for the bulls could be $82,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $81,200 resistance zone, it could start another decline. Immediate support is near the $79,200 level. The first major support is near the $78,500 level.

The next support is now near the $77,850 zone and the 50% Fib retracement level of the upward move from the $74,940 swing low to the $80,770 high. Any more losses might send the price toward the $77,150 support in the near term. The main support now sits at $76,500, below which BTC might struggle to recover in the near term.

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 – $79,200, followed by $78,500.

Major Resistance Levels – $80,500 and $81,200.

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