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Bitcoin Price Hits New All-Time High
The price of Bitcoin has started a new round of upward movement above $76,500. BTC has broken through the $78,000 resistance level and hit a new all-time high. It reached a high of $81,700 and is currently consolidating the gains.
The price has slightly dipped below the $81,500 level. However, the price is still well above the 23.6% Fibonacci retracement level from the swing low of $75,785 to the high of $81,700. On the hourly chart of the BTC/USD pair, a bullish trend line support is also formed at around $80,250.
The Bitcoin price is currently trading above $80,000 and the 100-hour simple moving average. On the upside, the price may face resistance around $81,700. The first key resistance is near $82,000. If the price clearly breaks above the $82,000 resistance, it could continue to rise. The next key resistance could be $82,500.
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A close above the $82,500 resistance could trigger more upside. In this case, the price could rise and test the $83,800 resistance level. Further upside could push the price towards the $85,000 resistance level.
Is BTC Supported on Dips?
If Bitcoin fails to break above the $81,700 resistance zone, it may start a downward correction. The immediate support on the downside is near $80,250 and the trend line.
The first major support is near $78,750, which is the 50% Fibonacci retracement level from the swing low of $75,785 to the high of $81,700. The next support is now near the $77,500 region. If the price drops further, it could test the $76,500 support level in the short term.
