Bitcoin Price Advances Toward $80K, Upside Break Now In Focus
Bitcoin price started a fresh increase and cleared the $78,500 zone. BTC is consolidating and might aim for more gains above the $79,200 level. If the price remains stable above $78,200, it could attempt a fresh increase. Immediate resistance is near the $79,200 level. The first key resistance is near the $79,500 level. A close above the $79,500 resistance might send the price further higher. In the stated case, the price could rise and test the $80,000 resistance. Any more gains might send the price toward the $81,200 level. The next barrier for the bulls could be $82,000. If Bitcoin fails to rise above the $79,500 resistance zone, it could start another decline. Immediate support is near the $78,600 level. The first major support is near the $78,300 level or the 50% Fib retracement level of the upward move from the $77,145 swing low to the $79,480 high and the trend line at $78,250. The next support is now near the $77,250 zone. Any more losses might send the price toward the $76,500 support in the near term. The main support now sits at $75,000, 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 – $78,250, followed by $77,250. Major Resistance Levels – $79,500 and $80,000.Another Decline In BTC?
About Author
