Bitcoin price has surpassed the $80,000 mark, showing signs of another upward push. After finding support near $78,000, the cryptocurrency began a further rise. It broke through the resistance levels at $78,500 and $78,800 and then moved above the $80,000 area. A high was formed at $80,336 and the price is now in a consolidation phase.
At the time of writing, Bitcoin is trading above $79,200 and the 100 hourly simple moving average. A bullish trendline is forming with support at $79,000 on the hourly chart. If the price holds above $79,200, it could attempt to move higher. Immediate resistance lies near $80,250, with a larger barrier at $80,500. A close above $80,500 could push the price towards $81,200. Additional winnings could target $82,000 or even $82,500. The MACD indicator is currently in the bullish zone. The hourly RSI is above the 50 level, suggesting that buyers are still active.
What happens if Bitcoin fails to rise higher?
If Bitcoin fails to overcome the $80,500 resistance, another decline could occur. The first support is near $79,000. A decline below could test $78,250. The next support is around $77,650, which is the 50% Fibonacci retracement level of the recent rally from $74,940 to $80,336. Further losses could push the price down to $77,000. The main support lies at $76,000. If Bitcoin rises above this level, the recovery could become more difficult.
Key levels to watch
The main support levels lie at $79,000 and $78,250. The main resistance levels lie at $80,500 and $82,000. These levels will likely determine near-term direction. Traders are watching if Bitcoin can support above $80,000. If so, there could still be room for further upside. Otherwise, a correction could be on the horizon. The market appears to be in a consolidation phase after the recent move. Some analysts believe the next big move will depend on Bitcoin’s ability to surpass $79,000.
