Bitcoin Price Strengthens, Fresh Upside Targets Come Into View

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Reason to trust How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price started a fresh increase and cleared the $78,000 zone. BTC is consolidating and might aim for more gains above the $78,550 level. - Bitcoin managed to stay above $77,000 and started a fresh increase. - The price is trading above $77,800 and the 100 hourly simple moving average. - There is a bullish trend line forming with support at $78,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). - The pair might extend gains if it stays above the $77,200 and $77,000 levels. Bitcoin Price Eyes Fresh Upside Bitcoin price found support near $75,000 and started a fresh increase. BTC gained pace for a move above the $76,500 and $77,500 resistance levels. The bulls even pushed the price above $79,000. A high was formed at $79,490, and the price started a minor downside correction. It declined below $78,000 and tested the 50% Fib retracement level of the upward move from the $74,850 swing low to the $79,490 high. However, the bulls were active above $77,000. Bitcoin is now trading above $78,000 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $78,000 on the hourly chart of the BTC/USD pair. If the price remains stable above $77,200, it could attempt a fresh increase. Immediate resistance is near the $78,550 level. The first key resistance is near the $79,000 level. A close above the $79,000 resistance might send the price further higher. In the stated case, the price could rise and test the $79,500 resistance. Any more gains might send the price toward the $80,000 level. The next barrier for the bulls could be $82,000. Another Decline In BTC? If Bitcoin fails to rise above the $78,550 resistance zone, it could start another decline. Immediate support is near the $78,000 level. The first major support is near the $77,000 level or the 50% Fib retracement level of the upward move from the $74,850 swing low to the $79,490 high. The next support is now near the $76,250 zone. Any more losses might send the price toward the $75,500 support in the near term. The main support now sits at $75,000, 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 – $77,200, followed by $77,000. Major Resistance Levels – $78,550 and $79,000.

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