Key Highlights
- Bitcoin started a fresh increase above $78,000 and $80,000.
- A bullish trend line is forming with support at $80,200 on the 4-hour chart of BTC/USD.
- Ethereum remained in a range below $2,400.
- Gold is recovering losses and might revisit the $4,850 resistance.
Bitcoin Price Technical Analysis
Bitcoin price remained supported above $76,500 against the US Dollar. BTC formed a base and started a fresh increase above $78,500.
Looking at the 4-hour chart, the price settled above $78,800, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bulls even pumped the price above $80,000.
A high was formed at $82,799, and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $74,898 swing low to the $72,799 high.
On the upside, the price now faces resistance near $81,800. The first key hurdle is $82,800. A close above $82,800 could send the price toward $83,500. Any more gains might call for a test of $85,000.
Immediate support sits at $80,500. The first key support could be $80,000. There is also a bullish trend line forming with support at $80,200. The main breakdown support could be near $78,850 or the 50% Fib retracement level of the upward move from the $74,898 swing low to the $72,799 high.
A downside break below $78,850 might start another decline. The next major support is $75,000, below which BTC could decline toward $72,000.
Looking at Ethereum, the price also gained bullish momentum above $2,300, but the bears remained active near $2,400.
Today’s Key Economic Releases
- US Initial Jobless Claims – Forecast 205K, versus 189K previous.
- Fed’s Kashkari speech.
- Fed’s Hammack speech.
