Bitcoin Price Surges Over 5% to Trade Above $80,000

Bitcoin price is up over 5% and trading above $80,000. BTC may target a move above the $82,000 resistance zone soon.

Bitcoin initiated a surge above the $78,500 level.
The price remains above $80,000 and the 100-hourly Simple Moving Average.
A bullish trend line forms with support at $80,250 on the hourly chart of the BTC/USD pair (data from Kraken).
The pair could continue rising above the $81,500 resistance zone.

Bitcoin Price Sets Another ATH

Bitcoin began an increase above the $76,500 level, clearing the $78,000 resistance and reaching a new all-time high of $81,700, currently consolidating gains.

Although there was a minor decline below $81,500, the price remains above the 23.6% Fibonacci retracement level from the $75,785 swing low to the $81,700 high. The bullish trend line support at $80,250 persists.

Bitcoin trades above $80,000 and the 100-hourly Simple Moving Average. Resistance awaits near $81,700, with key resistance at $82,000. A clear break above $82,000 may propel the price higher, targeting $82,500 next.

A close above $82,500 could lead to more gains, potentially testing the $83,800 resistance level, with further gains aiming towards $85,000.

Are Dips Supported In BTC?

If Bitcoin does not rise above the $81,700 resistance zone, a downside correction may begin. Immediate support lies near $80,250 and the trend line.

The first major support is around $78,750 or the 50% Fibonacci retracement level from the $75,785 swing low to the $81,700 high. Additional support is near $77,500, with potential losses heading towards the $76,500 support level.

Technical indicators:

Hourly MACD: Gaining pace in the bullish zone.
Hourly RSI: Above the 50 level.
Major Support Levels: $80,250, followed by $78,750.
Major Resistance Levels: $81,700, and $82,500.