Bitcoin price continued to hold steady above the $80,000 mark. BTC has established a solid base and is now trading above $80,500, signaling the beginning of a recovery wave. A surge was observed above the $80,650 and $80,800 thresholds. The bulls successfully drove the price past the 50% Fibonacci retracement level of the decline from the $82,100 swing high to the $79,844 low. However, the bears might show their presence around $81,250. A bearish trend line is emerging, presenting resistance at $81,500 on the hourly chart for the BTC/USD pair.
Bitcoin has surged past the $80,500 mark, trading above the 100 hourly simple moving average. If the price holds steady above $80,500, it may look to initiate a new upward movement. Immediate resistance is positioned around the $81,250 mark, coinciding with the trend line and the 61.8% Fibonacci retracement level stemming from the decline between the $82,100 swing high and the $79,844 low.
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 this scenario, the price may increase and challenge the $82,500 resistance level. Further gains could propel the price to the $83,500 mark. The upcoming resistance level for the bulls might be $85,000. If Bitcoin is unable to break through the $81,500 resistance zone, it may initiate another downward trend. Immediate support is positioned around the $80,500 mark.
The initial significant support stands around the $80,000 mark. The upcoming support level is currently positioned around the $79,200 mark. Further losses could push the price down to the $78,250 support level in the short term. The primary support level currently stands at $77,500, and if BTC falls below this mark, it may face challenges in making a recovery in the short term.