Bitcoin started to recover above the $81,500 area. BTC consolidates and may aim for further gains if the $81,500 area is cleared.
- Bitcoin has managed to establish a strong base of $80,000, and started its recovery.
- The current price of the stock is higher than $80,500.
- The hourly chart for the BTC/USD pairs shows a trendline that is bearish with resistance of $81,500. (Data feed by Kraken).
- If the pair settles over $81,500, it could gain momentum.
Bitcoin Price Sets New Upside Break
Bitcoin prices remained above $80,000. BTC settled at $80,500 as a baseline and started a recovery wave. The level of $80 650 was moved up to $80 800.
The bulls managed to get the price to rise above the 50% Fib Retracement Level of the downtrend from the high swing level at $82,100, to the low point at $798444. Bears are more likely to be present near $81,250. On the hourly BTC/USD chart, there is also a bearingish trendline with resistance near $81,500.
Bitcoin has now reached a price of $80,500. 100 hourly simple moving average. The price could try to increase if it remains above $85,500. The immediate resistance level is around the $81,250 mark, which coincides with the trendline and the Fib level of 61.8% retracement from the swing high at $82,100 to the low price of $79,844.
First key resistance near $82,000. The price could rise if it closes above the $82,000 level. The price may rise in the case stated and try to test the resistance of $82,500. Additional gains could push the price to the level of $83,500. Bulls may face a next hurdle of $85,000.
BTC: Another drop in the BTC price?
Bitcoin could begin a new decline if it fails to break through the resistance level of $81,500. Support is close to the $80.500 level.
Near the $80.000 level, we have our first significant support. Next support now lies near $79,200. Price could drop to $78,250 in near-term if there are any more losses. BTC may struggle to recover from the $77.500 support level if BTC falls below it.
The following are 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 – $80,500, followed by $80,000.
Major Resistance Levels – $81,500 and $82,000.
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Source: www.newsbtc.com
