Bitcoin’s price has surged over 5%, crossing the $80,000 threshold and maintaining its position above it. Currently, it is poised to potentially breach the $82,000 resistance level in the imminent future.
In a notable rise, Bitcoin began gaining momentum past the $76,500 mark. The cryptocurrency managed to overcome the $78,000 resistance, propelling it to a new all-time high of $81,700. As of now, it is consolidating its recent gains.
There has been a slight drop below $81,500, but the price remains significantly above the 23.6% Fibonacci retracement level, calculated from the $75,785 low to the $81,700 peak. A supportive bullish trend line has formed at the $80,250 level on the hourly chart for the BTC/USD pair.
Bitcoin is currently trading above $80,000, with sustained support from the 100-hourly Simple Moving Average. On the upside, it may face initial resistance at $81,700, followed by a more critical resistance near the $82,000 mark. If Bitcoin manages to clear the $82,000 resistance convincingly, it could lead to an upward movement targeting $82,500 next.
A strong close above the $82,500 resistance could set the stage for further gains, driving the price towards the $83,800 resistance level. Any further increase might push the value closer to $85,000.
Conversely, if Bitcoin fails to surpass the $81,700 resistance, it may undergo a corrective decline. Immediate support is positioned near $80,250, aligned with the bullish trend line. The first significant support level lies around $78,750, which corresponds to the 50% Fibonacci retracement from the previous upward move from $75,785 to $81,700. Subsequent support is found around the $77,500 zone. Further downturns could see Bitcoin testing the $76,500 support level soon.
Technical indicators reveal that the hourly MACD is gaining momentum in the bullish territory, while the hourly RSI for BTC/USD remains above the 50 mark. Key support levels are pegged at $80,250 and $78,750, with major resistance levels at $81,700 and $82,500.
