"If it holds $80,000, it goes further"...Bitcoin, 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 to rise again after confirming support near $78,800. It then successively broke through the $79,200 and $80,000 resistance levels, and surpassed the $80,800 range, recovering short-term buying momentum.

During the ascent, Bitcoin formed a high of $81,765 before taking a breather. It is moving above the Fibonacci 23.6% retracement line of the rise from the $74,940 low to the $81,765 high, and is maintaining above the 100-hour simple moving average. On the hourly chart, an uptrend line support has formed near $80,150.

Technically, the key is whether it holds the $80,000 and $79,200 range. If the price remains stable above this range, Bitcoin could attempt another rise. The immediate resistance level is $81,500, and the primary key resistance level is presented as $81,750.

If Bitcoin breaks 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, it could face downward pressure again. The immediate support level is $80,500, and the major support level is $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 be pushed down to $77,550, with the key support level presented as $76,500. NewsBTC analyzed that a short-term recovery might be difficult if it falls below this range. The hourly Moving Average Convergence Divergence (MACD) is accelerating in the bullish zone, and the Relative Strength Index (RSI) is also above the 50 line, indicating a buying dominance 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.*