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#Gate广场五月交易分享 Bitcoin price breaks through the $80k resistance level, will there be a larger rally in the future?
Bitcoin price enters a new upward phase, breaking through the $80k mark. Currently, Bitcoin is consolidating and may surge above $80,500. Bitcoin has successfully held above $78,000 and has begun a new rally. The current price is above $78,500 and also above the 100-hour simple moving average. On the BTC/USD hourly chart, an ascending trendline is forming, with support at $79,000. If this pair remains above $79,000 and $78,500, it may continue to rise. Bitcoin price regains upward momentum, finding support near $78,000 and starting a new increase. Bitcoin accelerates past resistance levels of $78,500 and $78,800. Bulls even push the price above $80,000. The price peaks at $80,336 and begins consolidating above the 23.6% Fibonacci retracement level of the upward move from $74,940 low to $80,336 high.
Bulls are currently active above $78,500. Bitcoin is trading above $79,200. In addition, a rising trendline has formed on the BTC/USD hourly chart, with support at $79,000. If the price stays above $79,200, it may attempt a new rally. Immediate resistance is near $80,250. The first key resistance is around $80,500. If the closing price exceeds the $80,500 resistance, the price could go higher. In this case, the price might rise to test the $81,200 resistance level. Any further gains could push the price toward $82,000. The next obstacle for bulls could be at $82,500.
Will Bitcoin drop again? If Bitcoin fails to break through the $80,500 resistance, a new decline could begin. Immediate support is near $79,000. The first major support is around $78,250. The next support level is currently near $77,650, which is the 50% Fibonacci retracement of the move from the $74,940 low to the $80,336 high. If the price continues to fall, it may dip to support at $77,000 in the short term. The main support now is at $76,000; if this support is broken, Bitcoin may struggle to rebound in the short term.
Technical indicators: Hourly MACD – The MACD indicator is currently accelerating in the bullish zone. Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is currently above the 50 level.
Major support levels – $79,000, followed by $78,250. Major resistance levels – $80,500 and $82,000.