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Bitcoin Price Hits $80K Mark: The Crypto Bull Run Continues

Source Newsbtc

Bitcoin price is up over 5% and trading above $80,000. BTC is rising and might aim for a move above the $82,000 resistance zone in the near term.

Bitcoin started a fresh surge above the $78,500 zone.
The price is trading above $80,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $80,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise above the $81,500 resistance zone.

Bitcoin Price Sets Another ATH

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. However, 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 the stated case, the price could rise and test the $83,800 resistance level. Any more gains might send the price toward the $85,000 resistance level.

Are Dips Supported In BTC?

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 more 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.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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