Bitcoin, that enigmatic digital currency that nobody really understands but everyone pretends to, has decided to take a little stroll above the $80,000 zone. It’s now lounging around, contemplating whether to test the $80,500 zone or just take a nap.
- Bitcoin, in a rare moment of clarity, started a fresh increase above the $80,000 zone.
- The price is now trading above $80,500 and the 100-hourly Simple Moving Average, which is a fancy way of saying it’s doing better than expected.
- There was a break above a key bearish trend line with resistance at $78,800 on the hourly chart of the BTC/USD pair (data feed from Kraken, because why not?).
- The pair could start another increase if it clears the $83,500 zone, which is like saying it could rain if the clouds decide to cooperate.
Bitcoin price started a fresh increase from the $74,500 zone, which is roughly the cost of a decent used car. BTC formed a base and gained pace for a move above the $78,500 and $80,000 resistance levels, because apparently, even digital currencies need a running start.
The bulls, those mythical creatures of the financial world, pumped the price above the $80,500 resistance. There was a break above a key bearish trend line with resistance at $78,800 on the hourly chart of the BTC/USD pair. The pair even cleared the $82,500 resistance zone, which is like breaking through a wall made of marshmallows. A high was formed at $83,548, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $74,572 swing low to the $83,548 high. If that sentence made sense to you, congratulations, you’re officially a crypto nerd.
Bitcoin price is now trading above $80,200 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $83,200 level. The first key resistance is near the $83,500 level, which is like saying the first hurdle in a race is the one right in front of you.
The next key resistance could be $84,500. A close above the $84,500 resistance might send the price further higher, which is like saying if you jump high enough, you might just touch the moon. In the stated case, the price could rise and test the $85,800 resistance level. Any more gains might send the price toward the $88,000 level, which is where we all start to question our life choices.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $83,500 resistance zone, it could start a downside correction, which is a polite way of saying it might fall on its face. Immediate support on the downside is near the $81,400 level. The first major support is near the $80,500 level, which is like saying the first safety net is the one closest to the ground.
The next support is now near the $79,500 zone or the 50% Fib retracement level of the upward move from the $74,572 swing low to the $83,548 high. Any more losses might send the price toward the $78,000 support in the near term. The main support sits at $75,000, which is where we all start to cry.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone, which is like saying the engine is revving up.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, which is like saying the patient is stable but still in critical condition.
Major Support Levels – $81,400, followed by $80,500.
Major Resistance Levels – $83,500 and $84,500.
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2025-04-10 06:07