NewsBTC recently reported on a fresh surge in Bitcoin’s price, surpassing the $80,000 threshold, following President Trump’s decision to pause tariffs. This move has been met with positive reactions from the crypto market, with Bitcoin now consolidating its gains, potentially set for a minor adjustment back towards the $80,500 mark.
The cryptocurrency started its upward trend from the $74,500 zone, breaking past the resistance levels at $78,500 and $80,000. This trend saw Bitcoin’s price rise above $80,500 and the 100 hourly Simple Moving Average. A significant bearish trendline was breached at $78,800 on the hourly chart of the BTC/USD pair, according to data from Kraken.
Should the Bitcoin price manage to surpass the $83,500 zone, another increase could be on the horizon. The cryptocurrency saw a rise of over 5% and even cleared the $82,500 resistance zone, with a high formed at $83,548. Now, it’s consolidating its gains above the 23.6% Fibonacci retracement level of the upward move from the $74,572 swing low to the $83,548 high.
Immediate resistance on the upside lies near the $83,200 level, with the first key resistance at the $83,500 level. A successful close above the $84,500 resistance could pave the way for a further increase, potentially testing the $85,800 resistance level, and possibly even reaching as high as $88,000.
However, if Bitcoin fails to surpass the $83,500 resistance zone, a downside correction could be imminent. Immediate support is found near the $81,400 level, with major support at the $80,500 level. Further support exists near the $79,500 zone, or the 50% Fibonacci retracement level of the upward move from the $74,572 swing low to the $83,548 high. Any significant losses could push the price towards the $78,000 support in the near term, with the primary support sitting at $75,000.
Technical indicators such as Hourly MACD and RSI (Relative Strength Index) for BTC/USD show a bullish trend, with the MACD gaining pace and the RSI now above the 50 level.
