Price Trend Review
After Bitcoin's price broke through the $77,500 area, a new round of upward momentum began, attempting to break through the resistance levels of $79,500 and $80,000. The bulls pushed the price above the resistance level of $82,500, reaching a high of $83,548, before entering a downward correction.
The price broke below the support level of $81,500 and the 23.6% Fibonacci retracement from the low of $74,572 to the high of $83,548. Currently, Bitcoin is trading above $79,200 and has broken through the 100-hour simple moving average.
Resistance Level Analysis
On the upside, recent resistance is near $80,500. A new bearish trend line has formed on the hourly chart, with resistance also at $80,500.
The first key resistance level is $81,500, with the next at $82,500. If the closing price breaks through the resistance level of $82,500, the price is expected to rise further, potentially testing the resistance level of $83,500, or even hitting $85,000.
Support Level Analysis
If Bitcoin cannot break through the resistance level of $80,500, it may continue to decline. The immediate support level is around $79,500, with the first major support level near $79,000, which is also the 50% Fibonacci retracement level of the aforementioned upward trend.
Next, the next support level is around $78,000. If the price continues to decline, it may drop towards the $76,500 support level in the short term, with the main support level at $75,000.
Technical Indicator Interpretation
The hourly MACD is currently in the bullish zone, but the momentum is weakening.
The hourly RSI is above the 50 level.
The main support levels are $79,500 and $79,000, while the main resistance levels are $80,500 and $81,500.