"If it holds $80,000, it goes further"...Bitcoin, the battle to break $84,500 restarts

▲ Bitcoin (BTC)

Bitcoin (BTC) is showing a trend of aiming for further gains while maintaining the $80,000 support level.

NewsBTC reported on May 6 (local time) that Bitcoin started rising again after confirming support near $78,800. It subsequently broke through the $79,200 and $80,000 resistance levels, and even surpassed the $80,800 range, recovering short-term buying momentum.

During the ascent, Bitcoin formed a peak at $81,765 before entering a consolidation phase. It is currently moving above the Fibonacci 23.6% retracement line of the rally that extended from the low of $74,940 to the high of $81,765, and it is maintaining above the 100-hour Simple Moving Average. On the hourly chart, an ascending trendline support has formed near $80,150.

Technically, holding the $80,000 and $79,200 levels is key. If the price remains stable above this range, Bitcoin could attempt another rally. Immediate resistance is at $81,500, and the primary key resistance is presented at $81,750.

If Bitcoin breaks through the $81,750 resistance level on a closing basis, there is room for further gains up to $82,500. If the uptrend continues, $83,200 is mentioned as the next target range, and the next barrier for bulls will be $84,500.

Conversely, if Bitcoin fails to overcome the $81,500 resistance level, it could face renewed downward pressure. Immediate support is at $80,500, and major support is at $80,150. If this range breaks, $78,350 and the Fibonacci 50% retracement line could act as the next defensive lines.

If further declines continue, Bitcoin could fall to $77,550, with key support presented at $76,500. NewsBTC analyzed that a short-term recovery could become difficult if it falls below this range. The hourly Moving Average Convergence Divergence (MACD) is accelerating in bullish territory, and the Relative Strength Index (RSI) is also above the 50-line, indicating a buying-dominant trend.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*