Bitcoin Price Holds Firm Near Highs, More Gains Could Follow

The pair might extend gains if it stays above the 79,200 and 78,800 levels. Bitcoin Price Eyes Fresh Highs above 81K Bitcoin price found support near 78,500 and started a fresh increase. BTC gained pace for a move above the 78,800 and 79,200 resistance levels. The bulls even pushed the price above 80,500. A high was formed at 80,770, and the price started a consolidation phase above the 23.6 Fib retracement level of the upward move from the 74,940 swing low to the 80,770 high. Bitcoin is now trading above 79,200 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at 79,200 on the hourly chart of the BTC/USD pair. If the price remains stable above 79,200, it could attempt a fresh increase. Immediate resistance is near the 80,500 level. The first key resistance is near the 80,800 level. A close above the 81,200 resistance might send the price further higher. In the stated case, the price could rise and test the 81,650 resistance. Any more gains might send the price toward the 82,000 level. The next barrier for the bulls could be 82,500. Another Drop In BTC? If Bitcoin fails to rise above the 81,200 resistance zone, it could start another decline. Immediate support is near the 79,200 level. The first major support is near the 78,500 level. The next support is now near the 77,850 zone and the 50 Fib retracement level of the upward move from the 74,940 swing low to the 80,770 high. Any more losses might send the price toward the 77,150 support in the near term. The main support now sits at 76,500, 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 – 79,200, followed by 78,500. Major Resistance Levels – 80,500 and 81,200.