Bitcoin price rises over 5%, trading above $80,000. BTC is rising and may break through the resistance level of $82,000 in the short term.
Bitcoin starts to soar again above $78,500.
The price is currently above $80,000 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair, a connecting bullish trend line has formed, with support at $80,250 (data from Kraken).
The currency pair may continue to break through the resistance area of $81,500.
Bitcoin price hits a new all-time high
Bitcoin price starts a new round of increases above $76,500. BTC breaks the resistance level of $78,000, setting a new all-time high. It reached a peak of $81,700 and is currently consolidating its gains.
The price has slightly dipped below the level of $81,500. However, the price is still well above the 23.6% Fibonacci retracement level of the upward move from the swing low of $75,785 to the high of $81,700. On the hourly chart of the BTC/USD pair, a connecting bullish trend line has also formed, with support at $80,250.
Bitcoin price is currently trading above $80,000 and the 100-hour simple moving average. On the upside, the price may face resistance near $81,700. The first key resistance level is around $82,000. If it breaks above the resistance level of $82,000, the price may rise. The next key resistance level could be $82,500.
A close above the resistance level of $82,500 could trigger further gains. In this case, the price may rise and test the resistance level of $83,800. Further increases could push the price towards the resistance level of $85,000.
Does BTC support buying on dips?
If Bitcoin fails to break through the resistance area of $81,700, it may start a downward correction. The immediate support on the downside is near $80,250 and around the trend line.
The first major support level is near $78,750, which is the 50% Fibonacci retracement level of the upward move from the swing low of $75,785 to the high of $81,700. The next support level is now near the $77,500 region. If the price falls further, it may drop to the support level of $76,500 in the short term.
Technical indicators:
Hourly MACD - The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now above the 50 level.
Major support levels - $80,250, followed by $78,750.
Major resistance levels - $81,700 and $82,500.
