Bitcoin Price Keeps $80K Support, Can Bulls Extend Rally Soon?

Bitcoin price started a fresh increase and cleared the $80,800 zone. BTC is consolidating and might aim for more gains above the $81,500 level.

• Bitcoin managed to stay above $80,000 and started a fresh increase.
• The price is trading above $80,500 and the 100 hourly simple moving average.
• There is a bullish trend line forming with support at $80,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend gains if it stays above the $80,000 and $79,200 levels.

Bitcoin Price Could Extend Gains

Bitcoin price found support near $78,800 and started a fresh increase. BTC gained pace for a move above the $79,200 and $80,000 resistance levels.

The bulls even pushed the price above $80,800. A high was formed at $81,765, and the price started a consolidation phase above the 23.6% Fib retracement level of the upward move from the $74,940 swing low to the $81,765 high.

Bitcoin is now trading above $80,000 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $80,150 on the hourly chart of the BTC/USD pair.

If the price remains stable above $80,000, it could attempt a fresh increase. Immediate resistance is near the $81,500 level. The first key resistance is near the $81,750 level. A close above the $81,750 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 $83,200 level. The next barrier for the bulls could be $84,500.

Another Drop 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 $80,150 level.

The next support is now near the $78,350 zone and the 50% Fib retracement level of the upward move from the $74,940 swing low to the $81,765 high. Any more losses might send the price toward the $77,550 support in the near term. The main support now sits at $76,500, 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 – $80,150, followed by $78,350.

Major Resistance Levels – $81,500 and $82,000.