Bitcoin (BTC) Price Rallies Over 5% and Trades Above $80,000, Aims to Break the $82,000 Resistance Zone

Bitcoin price started a fresh increase above the $76,500 level. BTC cleared the $78,000 resistance and traded to a new all-time high.

Bitcoin price started a fresh increase above the $76,500 level. BTC cleared the $78,000 resistance and traded to a new all-time high. It posted a high at $81,700 and is currently consolidating gains. There was a minor decline below the $81,500 level, but the price is still well above the 23.6% Fib retracement level of the upward move from the $75,785 swing low to the $81,700 high. There is also a connecting bullish trend line forming with support at $80,250 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $80,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $81,700 level. The first key resistance is near the $82,000 level. A clear move above the $82,000 resistance might send the price higher. The next key resistance could be $82,500.

A close above the $82,500 resistance might initiate more gains. In that case, the price could rise and test the $83,800 resistance level. Any further gains might send the price toward the $85,000 resistance level.

If Bitcoin fails to rise above the $81,700 resistance zone, it could start a downside correction. Immediate support on the downside is near the $80,250 level and the trend line. The first major support is near the $78,750 level or the 50% Fib retracement level of the upward move from the $75,785 swing low to the $81,700 high. The next support is now near the $77,500 zone. Any further losses might send the price toward the $76,500 support 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 – $80,250, followed by $78,750.

Major Resistance Levels – $81,700, and $82,500.