Bitcoin's Uptrend Slows Ahead of $82,500 Resistance... If It Fails to Break Through, It Will 'Correct' Again

▲ Bitcoin (BTC)

Bitcoin (BTC) is attempting further upside after breaking above the $81,200 range. However, after a strong rebound, some profit-taking movements have emerged, making the breakthrough of the $82,500 resistance level a key variable for the short-term trend.

According to crypto media outlet NewsBTC on May 7 (local time), Bitcoin began to rise again after holding above $80,200. The price traded above $80,800 and the 100-hour simple moving average, and an ascending trend line with support near $80,850 was formed on the BTC/USD hourly chart on Kraken.

Bitcoin previously confirmed support near $79,200 and then successively broke above the $79,800 and $80,000 resistance levels. Subsequently, buying pressure pushed the price above $81,500, with a high forming at $82,790. The price then entered a consolidation phase, slightly dipping below the 23.6% Fibonacci retracement level of the upward move from the $74,940 low to the $82,790 high.

NewsBTC reported that Bitcoin could attempt another rally if it maintains a stable trend above $81,500. Short-term resistance is near $82,000, with the first key resistance level set at $82,750. If the $82,750 resistance is surpassed on a closing basis, it opens up the possibility of retesting $83,500, and further upside could target $84,200, according to analysis. The next barrier for buyers is stated to be $85,000.

Conversely, if Bitcoin fails to break through the $82,000 resistance zone, it could enter another downward correction. Immediate support is near $80,800 and the ascending trend line, with the first major support analyzed to be at $80,200. The next support level is near $78,850, which coincides with the 50% Fibonacci retracement level of the upward move from the $74,940 low to the $82,790 high.

If further declines continue, Bitcoin could fall to the $77,850 support level in the short term. NewsBTC analyzed that the current major support is located at $76,500, and if Bitcoin falls below this level, it could struggle for a short-term recovery. The hourly Moving Average Convergence Divergence (MACD) is losing momentum in the bullish zone, and the hourly Relative Strength Index (RSI) showed a trend above the 50 line.

*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.*