Bitcoin price started a fresh increase and cleared the $80,500 zone. BTC is 
consolidating and might aim for more gains above the $82,000 level. Bitcoin 
managed to stay above $78,800 and started a fresh increase. The price is 
trading above $80,500 and the 100 hourly simple moving average. There was a 
break above a bearish trend line with resistance at $80,650 on the hourly 
chart of the BTC/USD pair (data feed from Kraken). The pair might extend gains 
if it stays above the $80,500 and $80,000 levels. Bitcoin Price Regains 
Strength Bitcoin price found support near $78,800 and started a fresh 
increase. BTC gained pace for a move above the $79,500 and $80,200 resistance 
levels. The bulls even pushed the price above $80,500. There was a break above 
a bearish trend line with resistance at $80,650 on the hourly chart of the 
BTC/USD pair. A high was formed at $82,017, and the price started a 
consolidation phase. There was a minor decline below the 23.6% Fib retracement 
level of the upward move from the $78,720 swing low to the $82,017 high. 
Bitcoin is now trading above $80,500 and the 100 hourly simple moving average. 
If the price remains stable above $80,500, it could attempt a fresh increase. 
Immediate resistance is near the $81,500 level. The first key resistance is 
near the $82,000 level. A close above the $82,000 resistance might send the 
price further higher. In the stated case, the price could rise and test the 
$82,800 resistance. Any more gains might send the price toward the $83,500 
level. The next barrier for the bulls could be $85,000. Downside Correction In 
BTC? If Bitcoin fails to rise above the $82,000 resistance zone, it could 
start another decline. Immediate support is near the $80,750 level. The first 
major support is near the $80,350 level or the 50% Fib retracement level of 
the upward move from the $78,720 swing low to the $82,017 high. The next 
support is now near the $79,980 zone. Any more losses might send the price 
toward the $79,200 support in the near term. The main support now sits at 
$78,800, below which BTC might struggle to recover in the near term. Technical 
indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 
level. Major Support Levels – $80,750, followed by $80,350. Major Resistance 
Levels – $82,000 and $82,800.

Bitcoin Price Spikes Higher, But Consolidation Pattern Remains Intact

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Bitcoin Price Spikes Higher, But Consolidation Pattern Remains Intact

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