Bitcoin Price Advances Toward $80K, Upside Break Now In Focus

The pair might extend gains if it stays above the 78,250 and 77,500 levels. Bitcoin Price Eyes More Gains Bitcoin price found support near 77,000 and started a fresh increase. BTC gained pace for a move above the 77,500 and 78,000 resistance levels. The bulls even pushed the price above 78,500. A high was formed at 79,480, and the price started a consolidation phase above the 23.6 Fib retracement level of the upward move from the 77,145 swing low to the 79,480 high. The bulls are now active above 78,000. Bitcoin is now trading above 78,200 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at 78,250 on the hourly chart of the BTC/USD pair. If the price remains stable above 78,200, it could attempt a fresh increase. Immediate resistance is near the 79,200 level. The first key resistance is near the 79,500 level. A close above the 79,500 resistance might send the price further higher. In the stated case, the price could rise and test the 80,000 resistance. Any more gains might send the price toward the 81,200 level. The next barrier for the bulls could be 82,000. Another Decline In BTC? If Bitcoin fails to rise above the 79,500 resistance zone, it could start another decline. Immediate support is near the 78,600 level. The first major support is near the 78,300 level or the 50 Fib retracement level of the upward move from the 77,145 swing low to the 79,480 high and the trend line at 78,250. The next support is now near the 77,250 zone. Any more losses might send the price toward the 76,500 support in the near term. The main support now sits at 75,000, 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 – 78,250, followed by 77,250. Major Resistance Levels – 79,500 and 80,000.