The price of Bitcoin has embarked on a new upward trend, surpassing the $77,500 mark. Currently, $BTC is in a consolidation phase and may be targeting further increases beyond the $79,500 threshold.
Bitcoin has successfully maintained its position above $76,500 and initiated a fresh rally. The current trading price is above $77,200 and exceeds the 100-hour simple moving average. An hourly chart for the $BTC/USD pair indicates that there is a short-term declining channel with resistance set at $78,500. The pair could continue to gain if it remains above both the $77,150 and $76,650 levels.
Bitcoin Price Gains Momentum
The Bitcoin price found solid support around the $74,850 level before starting its ascent. $BTC accelerated past resistance points at both $75,500 and $77,200.
Bulls managed to push prices over the critical threshold of $78,500 where a peak was reached at approximately $79,490; however; corrections are now underway as prices dipped below 23.6% of Fibonacci retracement from this recent high back down to its swing low of around$74 ,850.
Currently trading above both$77 ,200andthe100-hour simple moving average,Bitcoin’s stability over$77 ,000could lead to another increase attempt.Immediate resistance lies near$78 ,500andthereisashort-termdecliningchannelwithresistanceatthislevelonthehourlychartfor$BTC/USDpair.
The primary key resistance stands near the level of$79 ,200.A close beyond this point could propel prices even higher towards testing resistance at$79 ,500.Further gains might drive Bitcoin toward an impressive milestone aroundthe80kmark.The next significant hurdle for bulls appears setataround82klevel.
A Potential Decline for $BTC?
If Bitcoin cannot breach through that crucial zone surrounding$78 ,500,it risks initiating another downward movement.Immediate support can be observed near levelsofabout$$77700whilemajor support emergescloseraround$$77150oratthe50%Fibonacci retracement fromtheupwardmovementfromswinglowof$$74850tohighofapproximately$$79490 .
The next area of support hovers around $$76650.Additional losses may steer prices towardssupportnear$$75500inthenearfuture.Theprimarysupportcurrently restsatabout75kbelowwhich$ BTC mayfinditchallengingto reboundintheshortterm .
Technical indicators:
Hourly MACD – Currently losing momentum within bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for$ BTC / USD currently sitsabove 50 mark .
Major Support Levels – $$77700followedby $$77150 .
Major Resistance Levels – $$78500and $$79500 .