Bitcoin has recently experienced a significant price increase, climbing over 5% to trade above $80,000. This upward momentum suggests that BTC may soon target the $82,000 resistance zone.
- Bitcoin initiated a fresh rally, surpassing the $78,500 region.
- The cryptocurrency is trading above $80,000, maintaining its position above the 100 hourly Simple Moving Average (SMA).
- A bullish trend line is forming, providing support at $80,250 on the hourly chart of the BTC/USD pair (data provided by Kraken).
- The pair is poised to continue its ascent, potentially breaking through the $81,500 resistance zone.
Bitcoin Price Achieves New All-Time High (ATH)
Recently, the Bitcoin price has embarked on an upward trajectory, breaking past the $76,500 mark. The cryptocurrency successfully overcame the $78,000 resistance, reaching a new all-time high. BTC recorded a peak at $81,700 and is currently stabilizing its gains.
There was a slight dip below the $81,500 level; however, the price remains comfortably above the 23.6% Fibonacci retracement level, calculated from the $75,785 swing low to the $81,700 high. The hourly chart of the BTC/USD pair reveals a connecting bullish trend line, with support anchored at $80,250.
Bitcoin is presently trading above $80,000, maintaining its position over the 100 hourly SMA. On the upside, the price may encounter resistance around the $81,700 level. The first significant resistance is expected near the $82,000 mark. A decisive move beyond the $82,000 resistance could propel the price further upward, with the next key resistance anticipated at $82,500.
A successful breakthrough above the $82,500 resistance could pave the way for additional gains. In such a scenario, the price might surge to test the $83,800 resistance level. Further upward momentum could drive the price towards the $85,000 resistance level.
Potential Support Levels for Bitcoin Dips
Should Bitcoin struggle to surpass the $81,700 resistance zone, it may initiate a downside correction. Immediate support on the downside is positioned near the $80,250 level and the trend line.
The first critical support level is located around the $78,750 mark or the 50% Fibonacci retracement level of the upward movement from the $75,785 swing low to the $81,700 high. Additional support is now situated near the $77,500 zone. Any further losses might push the price towards the $76,500 support level in the short term.
Technical Indicators
– **Hourly MACD**: The MACD is gaining momentum in the bullish zone.
– **Hourly RSI (Relative Strength Index)**: The RSI for BTC/USD is currently above the 50 level.
Key Support and Resistance Levels
– **Major Support Levels**: $80,250, followed by $78,750.
– **Major Resistance Levels**: $81,700, and $82,500.
As Bitcoin continues its upward journey, traders and investors will be keenly observing these support and resistance levels to gauge potential future movements. The market sentiment remains cautiously optimistic, with eyes set on crucial resistance zones that could define the next phase of Bitcoin’s price action.
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