Bitcoin Price Spikes Higher, But Consolidation Pattern Remains Intact

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 fresh increase and cleared the $80,500 zone. BTC is consolidating and might aim for more gains above the $82,000 level. Bitcoin managed to stay above $78,800 and started a fresh increase. The price is trading above $80,500 and the 100 hourly simple moving average. There was a break above a bearish trend line with resistance at $80,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend gains if it stays above the $80,500 and $80,000 levels. Bitcoin Price Regains Strength Bitcoin price found support near $78,800 and started a fresh increase . BTC gained pace for a move above the $79,500 and $80,200 resistance levels. The bulls even pushed the price above $80,500. There was a break above a bearish trend line with resistance at $80,650 on the hourly chart of the BTC/USD pair. A high was formed at $82,017, and the price started a consolidation phase. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $78,720 swing low to the $82,017 high. 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 $81,500 level. 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 $82,800 resistance. Any more gains might send the price toward the $83,500 level. The next barrier for the bulls could be $85,000. Downside Correction In BTC? If Bitcoin fails to rise above the $82,000 resistance zone, it could start another decline. Immediate support is near the $80,750 level. The first major support is near the $80,350 level or the 50% Fib retracement level of the upward move from the $78,720 swing low to the $82,017 high. The next support is now near the $79,980 zone. Any more losses might send the price toward the $79,200 support in the near term. The main support now sits at $78,800, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $80,750, followed by $80,350. Major Resistance Levels – $82,000 and $82,800.