Bitcoin’s price has established support around $78,800 and has initiated a new upward movement. BTC is picking up momentum as it aims for a breakthrough above the $79,500 and $80,200 resistance levels. The bulls managed to drive the price past $80,500. A breakout occurred above a bearish trend line, with resistance identified at $80,650 on the hourly chart of the BTC/USD pair. A peak was established at $82,017, leading to a subsequent consolidation phase in the price action. A slight dip occurred beneath the 23.6% Fibonacci retracement level of the upward movement from the $78,720 swing low to the $82,017 high.
Bitcoin has surged past the $80,500 mark, now trading above the 100 hourly simple moving average. If the price holds steady above $80,500, it may seek to initiate a new upward movement. Immediate resistance is positioned around the $81,500 mark. The initial significant resistance is located around the $82,000 mark. A close above the $82,000 resistance could propel the price even higher. In the given scenario, the price may increase and challenge the $82,800 resistance level. Further gains could propel the price to the $83,500 mark. The upcoming hurdle for the bulls may be set at $85,000. If Bitcoin does not manage to break through the $82,000 resistance zone, we may witness the beginning of another downturn.
Immediate support is positioned around the $80,750 mark. The initial significant support is located around the $80,350 mark, coinciding with the 50% Fibonacci retracement level of the upward movement from the $78,720 swing low to the $82,017 peak. The upcoming support level is currently positioned around the $79,980 mark. Further losses could push the price down to the $79,200 support level in the short term. The primary support level currently stands at $78,800, and if BTC falls below this mark, it may face challenges in making a recovery in the short term.