Bitcoin price started a modern rally and cleared the $78,500 zone. BTC is consolidating and may seek greater gains above the $79,200 level.

• Bitcoin managed to stay above $76,000 and began a modern rally.
• The price is above $78,000 and the 100-hour uncomplicated moving average.
• A bullish trend line is forming on the hourly chart of the BTC/USD pair (fed with data from Kraken) with support at $78,250.
• The pair could extend gains if it holds above the $78,250 and $77,500 levels.

Bitcoin price brings more profits

Bitcoin price found support near $77,000 and began a modern rally. BTC gained momentum to break above the $77,500 and $78,000 resistance levels.

The bulls even pushed the price above $78,500. The high has formed at $79,480 and the price has entered a consolidation phase above the 23.6% Fib retracement level, an upward move from the low of $77,145 to the high of $79,480.

Bulls are currently busy above $78,000. Bitcoin is currently trading above $78,200 and the 100-hour uncomplicated moving average. A bullish trend line is also forming on the hourly chart of the BTC/USD pair with support at $78,250.

If the price remains stable above $78,200, it may try to rise again. Immediate resistance is near the $79,200 level. The first key resistance is near the $79,500 level. A close above the resistance at $79,500 could see the price rise further. In the given case, the price may move higher and test the resistance at $80,000. Any further gains could push the price towards the $81,200 level. The next barrier for bulls could be $82,000.

Another BTC drop?

If Bitcoin does not rise above the $79,500 resistance zone, it could begin another decline. Immediate support is near the $78,600 level. The first major support is located near the $78,300 level or the 50% Fib retracement level for an upward move from the low of $77,145 to the high of $79,480 and the trendline of $78,250.

The next support is currently located near the $77,250 zone. Any further losses could push the price towards the $76,500 support in the near future. Major support is currently at $75,000, below which BTC may have difficulty recovering in the near future.

Technical Indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Main support levels – $78,250, then $77,250.

Major resistance levels – $79,500 and $80,000.