Bitcoin's price has surged past the $80,000 mark, showcasing an impressive upward trajectory. The cryptocurrency has hit a new all-time high at $81,700, and analysts predict the possibility of it moving above the $82,000 resistance zone. This price rise follows a bullish trend line forming on the BTC/USD pair's hourly chart.
Currently, Bitcoin is well above the 100 hourly Simple Moving Average and is comfortably trading over $80,000. A move above $82,000 could pave the way for further gains, potentially propelling the price toward the $83,800 level with further momentum possibly reaching $85,000.
If Bitcoin fails to surpass the $81,700 resistance zone, it could undergo a downside correction. The immediate support levels to watch are $80,250 and $78,750, with additional support at the $77,500 and $76,500 zones, which could help stabilize any short-term declines.
Technical indicators paint a bullish picture with the MACD gaining pace, indicating a strong momentum in the bullish zone. Additionally, the RSI is positioned above 50, further suggesting potential for continued rises in Bitcoin's price.
