As a seasoned researcher with over a decade of experience in the cryptocurrency market, I can confidently say that Bitcoin’s current surge above $80,000 is a testament to its resilience and potential for growth. The bullish trend line forming, coupled with the price trading above the 100 hourly Simple moving average, suggests that we might see BTC aiming for a move above the $82,000 resistance zone in the near term.
The cost of Bitcoin has climbed more than 5% and is now trading over $80,000. Bitcoin appears to be increasing and may attempt to break through the $82,000 resistance level in the short term.
- Bitcoin started a fresh surge above the $78,500 zone.
- The price is trading above $80,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $80,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $81,500 resistance zone.
Bitcoin Price Sets Another ATH
The cost of a single Bitcoin surged past the $76,500 mark and began a fresh upward trend. Breaking through the $78,000 barrier, Bitcoin reached an all-time high before peaking at $81,700. At present, it’s taking a breather as it holds onto its recent gains.
The price dipped slightly below $81,500 but remains significantly higher than the 23.6% Fibonacci retracement level of the upward trend from the $75,785 low to the $81,700 high. Additionally, a bullish trend line is forming on the hourly chart for BTC/USD, offering support at approximately $80,250.
Currently, Bitcoin’s price is hovering above $80,000 and aligning with its 100-hour Simple Moving Average. As it moves upwards, potential obstacles may arise around the $81,700 mark. The initial significant barrier lies at approximately $82,000. Overcoming this hurdle could potentially push the price further upwards. Further potential resistance could be found at $82,500.
If the price breaks through the $82,500 barrier, it may trigger further increases, potentially reaching the $83,800 resistance point. If this happens, additional growth could take the price towards the $85,000 resistance level.
Are Dips Supported In BTC?
If Bitcoin doesn’t manage to surpass the $81,700 barrier, there might be a reversal towards a decline. The initial support for any potential drop could lie around $80,250 and the current trendline.
In simpler terms, the first significant level of resistance can be found around $78,750 or halfway point of the price increase from the lowest swing at $75,785 to the highest peak at $81,700. The next potential resistance is now close to the $77,500 region. If the price continues to drop, it may head towards the nearby support at $76,500 in the short 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 – $80,250, followed by $78,750.
Major Resistance Levels – $81,700, and $82,500.
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2024-11-11 06:22