Bitcoin price started a recovery wave above the $80,500 zone. BTC is consolidating and might aim for more gains if it clears the $81,500 resistance zone.
- Bitcoin managed to form a base above $80,000 and started a recovery wave.
- The price is trading above $80,500 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $81,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might gain bullish momentum if it settles above the $81,500 zone.
Bitcoin Price Eyes Fresh Upside Break
Bitcoin price remained supported above the $80,000 zone. BTC formed a base and settled above $80,500 to start a recovery wave. There was a move above the $80,650 and $80,800 levels.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $82,100 swing high to the $79,844 low. However, the bears could be active near $81,250. There is also a bearish trend line forming with resistance at $81,500 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $80,500 and the 100 hourly simple moving average. If the price remains stable above $80,500, it could attempt a fresh increase. Immediate resistance is near the $81,250 level, the trend line, and the 61.8% Fib retracement level of the downward move from the $82,100 swing high to the $79,844 low.
The first key resistance is near the $82,000 level. A close above the $82,000 resistance might send the price further higher. In the stated case, the price could rise and test the $82,500 resistance. Any more gains might send the price toward the $83,500 level. The next barrier for the bulls could be $85,000.
Another Decline In BTC?
If Bitcoin fails to rise above the $81,500 resistance zone, it could start another decline. Immediate support is near the $80,500 level.
The first major support is near the $80,000 level. The next support is now near the $79,200 zone. Any more losses might send the price toward the $78,250 support in the near term. The main support now sits at $77,500, 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 – $80,500, followed by $80,000.
Major Resistance Levels – $81,500 and $82,000.
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