NewsBTC
Apr 11, 2025
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Bitcoin Price Holds Above $79,500 Support Amidst Market Corrections

Bitcoin price is experiencing fluctuations above key support levels.

  • Recent increase above $80,000 zone.
  • Currently trading above $79,500 and the 100-hourly Simple Moving Average.
  • Resistance forming at $80,500; a new bearish trend line is also present.
  • Potential for further gains if resistance at $80,500 is cleared.

Price Movement Overview

Bitcoin initially rose above $77,500, reaching a high of $83,548 before correcting downwards.

The recent dip fell below the $81,500 support and the 23.6% Fib retracement level.

Current trading price is above $79,200; immediate resistance is at $80,500.

Bitcoin Price

Key resistance levels include:

  • $81,500
  • $82,500
  • $83,500 as potential target if above $82,500
  • Further potential rise toward $85,000.

Downside Risks

If Bitcoin does not surpass $80,500, it may decline further.

Immediate support levels are:

  • $79,500
  • $79,000 (major support)
  • $78,000
  • $76,500 (next major support)
  • Main support at $75,000.

Technical indicators show a weakening MACD in bullish territory and RSI above 50.