Bitcoin price started a fresh increase and cleared the $80,500 zone. BTC is 
consolidating and might aim for more gains above the $81,200 level. Bitcoin 
managed to stay above $78,500 and started a fresh increase. The price is 
trading above $78,800 and the 100 hourly simple moving average. There is a 
bullish trend line forming with support at $79,200 on the hourly chart of the 
BTC/USD pair (data feed from Kraken). The pair might extend gains if it stays 
above the $79,200 and $78,800 levels. Bitcoin Price Eyes Fresh Highs above 
$81K Bitcoin price found support near $78,500 and started a fresh increase. 
BTC gained pace for a move above the $78,800 and $79,200 resistance levels. 
The bulls even pushed the price above $80,500. A high was formed at $80,770, 
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 $80,770 high. 
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 $79,200 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 $80,500 
level. The first key resistance is near the $80,800 level. A close above the 
$81,200 resistance might send the price further higher. In the stated case, 
the price could rise and test the $81,650 resistance. Any more gains might 
send the price toward the $82,000 level. The next barrier for the bulls could 
be $82,500. Another Drop In BTC? If Bitcoin fails to rise above the $81,200 
resistance zone, it could start another decline. Immediate support is near the 
$79,200 level. The first major support is near the $78,500 level. The next 
support is now near the $77,850 zone and the 50% Fib retracement level of the 
upward move from the $74,940 swing low to the $80,770 high. Any more losses 
might send the price toward the $77,150 support in the near term. The main 
support now sits at $76,500, 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 – $79,200, followed by 
$78,500. Major Resistance Levels – $80,500 and $81,200.

Bitcoin Price Holds Firm Near Highs, More Gains Could Follow

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Bitcoin Price Holds Firm Near Highs, More Gains Could Follow

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