Bitcoin Price Gains Renewed Strength, Market Eyes Bullish Breakout

The pair might extend gains if it stays above the 80,800 and 80,000 levels. Bitcoin Price Turns Positive Bitcoin price found support near 79,200 and started a fresh increase. BTC gained pace for a move above the 79,750 and 80,200 resistance levels. The bulls even pushed the price above 82,000. A high was formed at 82,436, and the price started a consolidation phase. There was a minor decline toward the 23.6 Fib retracement level of the upward move from the 79,168 swing low to the 82,436 high. Bitcoin is now trading above 80,750 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at 80,800 on the hourly chart of the BTC/USD pair. If the price remains stable above 80,500, it could attempt a fresh increase. Immediate resistance is near the 82,000 level. The first key resistance is near the 82,450 level. A close above the 82,450 resistance might send the price further higher. In the stated case, the price could rise and test the 83,200 resistance. Any more gains might send the price toward the 84,000 level. The next barrier for the bulls could be 85,000. Downside Correction In BTC? If Bitcoin fails to rise above the 82,000 resistance zone, it could start another decline. Immediate support is near the 80,800 level and the trend line. The first major support is near the 80,400 level or the 61.8 Fib retracement level of the upward move from the 79,168 swing low to the 82,436 high. The next support is now near the 79,950 zone. Any more losses might send the price toward the 79,250 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 losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – 80,800, followed by 80,000. Major Resistance Levels – 82,000 and 82,450.