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Bitcoin Price Holds Firm Near Highs, More Gains Could Follow
TL;DR
Bitcoin price has started a fresh increase, clearing the $80,500 zone and currently consolidating above $78,800. It may aim for further gains above the $81,200 level.
Key points
- Bitcoin price cleared the $80,500 zone
- Current consolidation above $78,800
- Support levels at $79,200 and $78,500
- Recent high formed at $80,770
- Potential gains above $81,200
Bitcoin price started a fresh increase and cleared the $80,500 zone. BTC is consolidating and might aim for more gains above the $81,200 level.
- Bitcoin managed to stay above $78,500 and started a fresh increase.
- The price is trading above $78,800 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $79,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might extend gains if it stays above the $79,200 and $78,800 levels.
Bitcoin Price Eyes Fresh Highs above $81K
Bitcoin price found support near $78,500 and started a fresh increase. BTC gained pace for a move above the $78,800 and $79,200 resistance levels.
The bulls even pushed the price above $80,500. A high was formed at $80,770, 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 $80,770 high.
Bitcoin is now trading above $79,200 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $79,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
If the price remains stable above $79,200, it could attempt a fresh increase. Immediate resistance is near the $80,500 level. The first key resistance is near the $80,800 level. A close above the $81,200 resistance might send the price further higher. In the stated case, the price could rise and test the $81,650 resistance. Any more gains might send the price toward the $82,000 level. The next barrier for the bulls could be $82,500.
Another Drop In BTC?
If Bitcoin fails to rise above the $81,200 resistance zone, it could start another decline. Immediate support is near the $79,200 level. The first major support is near the $78,500 level.
Q&A
What is the current price trend of Bitcoin?
Bitcoin is currently in a bullish trend, having cleared the $80,500 mark and aiming for gains above $81,200.
What support levels are important for Bitcoin's price?
Key support levels for Bitcoin are at $79,200 and $78,800, which are crucial for maintaining its upward momentum.
What was Bitcoin's recent high price?
Bitcoin recently reached a high of $80,770 before entering a consolidation phase.
