Bitcoin Price Strengthens, Fresh Upside Targets Come Into View

Bitcoin price started a fresh increase and cleared the $78,000 zone. BTC is consolidating and might aim for more gains above the $78,550 level.

• Bitcoin managed to stay above $77,000 and started a fresh increase.
• The price is trading above $77,800 and the 100 hourly simple moving average.
• There is a bullish trend line forming with support at $78,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend gains if it stays above the $77,200 and $77,000 levels.

Bitcoin Price Eyes Fresh Upside

Bitcoin price found support near $75,000 and started a fresh increase. BTC gained pace for a move above the $76,500 and $77,500 resistance levels.

The bulls even pushed the price above $79,000. A high was formed at $79,490, and the price started a minor downside correction. It declined below $78,000 and tested the 50% Fib retracement level of the upward move from the $74,850 swing low to the $79,490 high.

However, the bulls were active above $77,000. Bitcoin is now trading above $78,000 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $78,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

If the price remains stable above $77,200, it could attempt a fresh increase. Immediate resistance is near the $78,550 level. The first key resistance is near the $79,000 level. A close above the $79,000 resistance might send the price further higher. In the stated case, the price could rise and test the $79,500 resistance. Any more gains might send the price toward the $80,000 level. The next barrier for the bulls could be $82,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $78,550 resistance zone, it could start another decline. Immediate support is near the $78,000 level. The first major support is near the $77,000 level or the 50% Fib retracement level of the upward move from the $74,850 swing low to the $79,490 high.