Bitcoin has surged over 5% and is currently trading above $80,000, marking a significant upward trajectory. The cryptocurrency is showing strong momentum and might soon challenge the $82,000 resistance level.
Starting a fresh rally, Bitcoin surpassed the $78,500 mark and is now trading comfortably above $80,000 along with the 100 hourly Simple Moving Average. A bullish trend line is evident, offering support at $80,250 on the hourly BTC/USD chart.
This recent surge has propelled Bitcoin to a new all-time high of $81,700 before a minor pullback below the $81,500 level. However, the price remains significantly above the 23.6% Fibonacci retracement level, calculated from the $75,785 low to the $81,700 high. The trend line at $80,250 continues to act as a solid support base for the cryptocurrency.
Currently, Bitcoin is trading above $80,000 with an eye on resistance near the $81,700 level. The initial significant resistance stands at $82,000. Breaking past this threshold could push the price higher, potentially facing the next critical resistance at $82,500. Should Bitcoin manage to close above $82,500, it could embark on a more substantial rally, targeting the $83,800 level and even aiming for $85,000.
In the event Bitcoin struggles to overcome the $81,700 resistance, a downside correction might ensue. Immediate support lies around $80,250, aligned with the trend line. The primary support area is near $78,750, coinciding with the 50% Fibonacci retracement of the recent rally. Further declines could see Bitcoin testing support zones around $77,500 and $76,500.
Technical indicators highlight the current bullish momentum. The hourly MACD is gaining traction in the bullish zone, while the RSI for BTC/USD is now comfortably above the 50 mark. Key support levels include $80,250 and $78,750, while principal resistance points are positioned at $81,700 and $82,500.
