Bitcoin price started a fresh increase and cleared the $80,000 zone. BTC is 
consolidating and might aim for more gains above the $80,500 level. Bitcoin 
managed to stay above $78,000 and started a fresh increase. The price is 
trading above $78,500 and the 100 hourly simple moving average. There is a 
bullish trend line forming with support at $79,000 on the hourly chart of the 
BTC/USD pair (data feed from Kraken). The pair might extend gains if it stays 
above the $79,000 and $78,500 levels. Bitcoin Price Regains Traction Bitcoin 
price found support near $78,000 and started a fresh increase. BTC gained pace 
for a move above the $78,500 and $78,800 resistance levels. The bulls even 
pushed the price above $80,000. A high was formed at $80,336, and the price 
started a consolidation phase above the 23.6% Fib retracement level of the 
upward move from the $74,940 swing low to the $80,336 high. The bulls are now 
active above $78,500. Bitcoin is now trading above $79,200 and the 100 hourly 
simple moving average. There is also a bullish trend line forming with support 
at $79,000 on the hourly chart of the BTC/USD pair. If the price remains 
stable above $79,200, it could attempt a fresh increase. Immediate resistance 
is near the $80,250 level. The first key resistance is near the $80,500 level. 
A close above the $80,500 resistance might send the price further higher. In 
the stated case, the price could rise and test the $81,200 resistance. Any 
more gains might send the price toward the $82,000 level. The next barrier for 
the bulls could be $82,500. Another Decline In BTC? If Bitcoin fails to rise 
above the $80,500 resistance zone, it could start another decline. Immediate 
support is near the $79,000 level. The first major support is near the $78,250 
level. The next support is now near the $77,650 zone and the 50% Fib 
retracement level of the upward move from the $74,940 swing low to the $80,336 
high. Any more losses might send the price toward the $77,000 support in the 
near term. The main support now sits at $76,000, 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 – 
$79,000, followed by $78,250. Major Resistance Levels – $80,500 and $82,000.

Bitcoin Price Cracks $80K Resistance, Is A Bigger Surge Ahead?

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Bitcoin Price Cracks $80K Resistance, Is A Bigger Surge Ahead?

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