Bitcoin price is up over 5% and is trading above $80,000. Bitcoin is rising and may aim to move above the $82,000 resistance area in the near term.
- Bitcoin started a new rally above the $78,500 area.
- The price is trading above $80,000 and the 100 hourly simple moving average.
- There is a solid uptrend line forming with support at $80,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $81,500 resistance area.
Bitcoin price sets another ATH
Bitcoin price started a new increase above the $76,500 level. Bitcoin crossed the $78,000 resistance level and traded to a new all-time high. It hit a high of $81,700 and is currently consolidating gains.
There was a slight decline below the $81,500 level. However, the price is still well above the 23.6% Fib retracement level of the upward move from the $75,785 swing low to the $81,700 swing high. There is also a connected uptrend 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 major resistance is located near the $82,000 level. A clear move above the $82,000 resistance level could send the price higher. The next major resistance could be $82,500.
A close above the $82,500 resistance could lead to further gains. In the mentioned case, the price may rise and test the $83,800 resistance level. Any further gains may push the price towards the $85,000 resistance level.
Are dips supported in BTC?
If Bitcoin fails to rise above the $81,700 resistance area, it could start a downward correction. Immediate support on the downside is near the $80,250 level and the trend line.
The first major support is near the $78,750 level or the 50% Fibonacci retracement level of the upward move from the $75,785 swing low to the $81,700 swing high. The next support is now near the $77,500 area. Any further losses could send the price towards the $76,500 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $80,250, followed by $78,750.
Key resistance levels – $81,700 and $82,500.