Bitcoin Price Recovery Gains Pace, Can Rally Momentum Return?

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price started a recovery wave above the $80,500 zone. BTC is consolidating and might aim for more gains if it clears the $81,500 resistance zone. Bitcoin managed to form a base above $80,000 and started a recovery wave. The price is trading above $80,500 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at $81,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might gain bullish momentum if it settles above the $81,500 zone. Bitcoin Price Eyes Fresh Upside Break Bitcoin price remained supported above the $80,000 zone. BTC formed a base and settled above $80,500 to start a recovery wave . There was a move above the $80,650 and $80,800 levels. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $82,100 swing high to the $79,844 low. However, the bears could be active near $81,250. There is also a bearish trend line forming with resistance at $81,500 on the hourly chart of the BTC/USD pair. 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 $81,250 level, the trend line, and the 61.8% Fib retracement level of the downward move from the $82,100 swing high to the $79,844 low. Source: BTCUSD on TradingView.com 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 $82,500 resistance. Any more gains might send the price toward the $83,500 level. The next barrier for the bulls could be $85,000. Another Decline In BTC? If Bitcoin fails to rise above the $81,500 resistance zone, it could start another decline. Immediate support is near the $80,500 level. The first major support is near the $80,000 level. The next support is now near the $79,200 zone. Any more losses might send the price toward the $78,250 support in the near term. The main support now sits at $77,500, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $80,500, followed by $80,000. Major Resistance Levels – $81,500 and $82,000.