Bitcoin Price Eyes $82K Break, Bulls Prepare For Bigger Rally

The pair might extend losses if it stays below the 81,800 and 82,000 levels. Bitcoin Price Dips Again Bitcoin price failed to clear the 82,000 resistance zone. BTC started a downside correction below the 81,500 and 81,200 levels to enter a short-term bearish zone. There was a move below the 50 Fib retracement level of the upward move from the 80,421 swing low to the 82,100 high. However, the bulls were active above 80,500. There is also a key contracting triangle forming with support at 80,800 on the hourly chart of the BTC/USD pair. 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. The first key resistance is near the 81,800 level. A close above the 81,800 resistance might send the price further higher. In the stated case, the price could rise and test the 82,250 resistance. Any more gains might send the price toward the 82,500 level. The next barrier for the bulls could be 83,500. Downside Extension In BTC? If Bitcoin fails to rise above the 81,800 resistance zone, it could start another decline. Immediate support is near the 80,800 level or the 76.4 Fib retracement level of the upward move from the 80,421 swing low to the 82,100 high. The first major support is near the 80,400 level. The next support is now near the 79,400 zone. Any more losses might send the price toward the 79,000 support in the near term. The main support now sits at 78,500, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – 80,800, followed by 80,400. Major Resistance Levels – 81,800 and 82,000.