Bitcoin has experienced a robust increase, rising over 5% and trading above the $80,000 level. This upward momentum suggests that Bitcoin may be preparing to breach the $82,000 resistance level in the near future.
The surge began when Bitcoin climbed above the $78,500 level, quickly establishing itself in a bullish trend. Currently, the cryptocurrency is positioned above the 100-hour Simple Moving Average, signaling strong market support. A connecting bullish trend line shows significant support around the $80,250 level on the hourly chart for the BTC/USD trading pair, indicating that further gains may be on the horizon, particularly as the price approaches the $81,500 resistance zone.
After breaking past the $76,500 barrier, Bitcoin reached an all-time high of $81,700 before consolidating some gains. Although there was a slight retracement below the $81,500 level, the price remains securely above the 23.6% Fibonacci retracement level of the rally, which originated from the recent swing low of $75,785. This healthy position suggests that the cryptocurrency could soon retest the resistance near $81,700 and potentially clear the critical $82,000 level. If this occurs, Bitcoin may see further upward movement, with $82,500 as the next resistance target.
However, failure to break above the $81,700 level could trigger a correction. Immediate support is expected around $80,250, with a more significant support level near $78,750, correlating with the 50% Fibonacci retracement of the recent upward movement. Should the price continue to decline, further support can be found near $77,500 and potentially at $76,500.
Technical indicators currently reflect a bullish sentiment, with the MACD gaining strength in the positive territory and the Relative Strength Index (RSI) holding above the neutral 50 level, further supporting the potential for continued price increases in Bitcoin .
