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The price of bitcoin began a new uptrend and crossed the $80,800 mark.$BTC may aim for additional gains above the $81,500 level as it consolidates. Bitcoin maintained its value above $80,000 and began a new uptrend. The 100-hour simple moving average and the price are both above $80,500. On the hourly chart of the BTC/USD pair, a bullish trend line is forming with support at $80,150 (data feed from Kraken). If the pair stays above $80,000 and $79,200, it could extend its gains. The value of bitcoin could extend gains. The price of Bitcoin reached a support level near $78,800 and began a fresh rise. For a move above the $79,200 and $80,000 resistance levels, BTC gained momentum. The bulls even increased the price to more than $80,800. The price reached a high of $81,765, which signaled the beginning of a consolidation phase above the 23.6% Fib retracement level of the upward movement from the swing low of $74,940 to the high of $81,765. Bitcoin is currently trading above the 100-hour simple moving average and $80,000. On the BTC/USD pair's hourly chart, a bullish trend line is also forming, with support at $80,150. Cost of Bitcoin It might try again to raise the price if it stays above $80,000. Near the $81,500 level is immediate resistance. The $81,750 level is the initial key resistance. The price could rise even further if it closes above the $81,750 resistance. The price could rise and test the $82,500 resistance in the above scenario. The price might rise to $83,200 if there are any more gains. $84,500 could be the bulls' next hurdle. A new decline in Bitcoin? Bitcoin could begin a new decline in the event that it does not break above the $81,500 resistance level. Support is close to the $80,500 level for now. The $80,150 level serves as the primary support. The 50% Fib retracement level of the upward movement from the $74,940 swing low to the $81,765 high is now close to the $78,350 area, which serves as the next level of support. The price could soon move toward the $77,550 support if there are any more losses. BTC may struggle to recover in the near future below the main support level of $76,500.
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