Bitcoin Price Gains Renewed Strength, Market Eyes Bullish Breakout

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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 $81,500 zone. BTC is consolidating and might aim for more gains above the $82,450 level. - Bitcoin managed to stay above $79,200 and started a fresh increase. - The price is trading above $80,750 and the 100 hourly simple moving average. - There is a bullish trend line forming with support at $80,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). - The pair might extend gains if it stays above the $80,800 and $80,000 levels. Bitcoin Price Turns Positive Bitcoin price found support near $79,200 and started a fresh increase. BTC gained pace for a move above the $79,750 and $80,200 resistance levels. The bulls even pushed the price above $82,000. A high was formed at $82,436, and the price started a consolidation phase. There was a minor decline toward the 23.6% Fib retracement level of the upward move from the $79,168 swing low to the $82,436 high. Bitcoin is now trading above $80,750 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $80,800 on the hourly chart of the BTC/USD pair. If the price remains stable above $80,500, it could attempt a fresh increase. Immediate resistance is near the $82,000 level. The first key resistance is near the $82,450 level. A close above the $82,450 resistance might send the price further higher. In the stated case, the price could rise and test the $83,200 resistance. Any more gains might send the price toward the $84,000 level. The next barrier for the bulls could be $85,000. Downside Correction In BTC? If Bitcoin fails to rise above the $82,000 resistance zone, it could start another decline. Immediate support is near the $80,800 level and the trend line. The first major support is near the $80,400 level or the 61.8% Fib retracement level of the upward move from the $79,168 swing low to the $82,436 high. The next support is now near the $79,950 zone. Any more losses might send the price toward the $79,250 support in the near term. The main support now sits at $78,500, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $80,800, followed by $80,000. Major Resistance Levels – $82,000 and $82,450.

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