Bitcoin Price Keeps $80K Support, Can Bulls Extend Rally Soon?

Bitcoin worth began a contemporary enhance and cleared the $80,800 zone. BTC is consolidating and may purpose for extra positive factors above the $81,500 degree.

• Bitcoin managed to remain above $80,000 and began a contemporary enhance.
• The worth is buying and selling above $80,500 and the 100 hourly easy transferring common.
• There is a bullish development line forming with help at $80,150 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may prolong positive factors if it stays above the $80,000 and $79,200 ranges.

Bitcoin Price Could Extend Gains

Bitcoin worth found support close to $78,800 and began a contemporary enhance. BTC gained tempo for a transfer above the $79,200 and $80,000 resistance ranges.

The bulls even pushed the worth above $80,800. A high was fashioned at $81,765, and the worth began a consolidation section above the 23.6% Fib retracement degree of the upward transfer from the $74,940 swing low to the $81,765 high.

Bitcoin is now buying and selling above $80,000 and the 100 hourly simple moving average. There can also be a bullish development line forming with help at $80,150 on the hourly chart of the BTC/USD pair.

If the worth stays secure above $80,000, it might try a contemporary enhance. Immediate resistance is close to the $81,500 degree. The first key resistance is close to the $81,750 degree. An in depth above the $81,750 resistance may ship the worth additional increased. In the acknowledged case, the worth might rise and check the $82,500 resistance. Any extra positive factors may ship the worth towards the $83,200 degree. The subsequent barrier for the bulls might be $84,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $81,500 resistance zone, it might begin one other decline. Immediate help is close to the $80,500 degree. The first main help is close to the $80,150 degree.

The subsequent help is now close to the $78,350 zone and the 50% Fib retracement degree of the upward transfer from the $74,940 swing low to the $81,765 high. Any extra losses may ship the worth towards the $77,550 help within the close to time period. The fundamental help now sits at $76,500, under which BTC may wrestle to get well within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.

Major Support Levels – $80,150, adopted by $78,350.

Major Resistance Levels – $81,500 and $82,000.