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▲ Bitcoin (BTC)
Bitcoin (BTC) has regained upward momentum by breaking through the $81,500 range. On the short-term chart, an ascending trendline support has formed near $80,800, and the market is focusing on whether Bitcoin will break through $82,450 as the next bullish turning point.
NewsBTC reported on May 11 (local time) that Bitcoin started a new upward trend after confirming support near $79,200. Since then, Bitcoin has surpassed the resistance levels of $79,750 and $80,200, and bulls have pushed the price above $82,000.
A short-term high was formed at $82,436. Subsequently, Bitcoin entered a consolidation phase, digesting some of its gains, and slightly retreated to near the Fibonacci 23.6% retracement level of the rise from the low of $79,168 to the high of $82,436.
Technically, Bitcoin is trading above $80,750 and the 100-hour simple moving average. According to Kraken data, an hourly BTC/USD chart shows bullish trendline support forming near $80,800. NewsBTC analyzed that if Bitcoin maintains $80,800 and $80,000, it could continue its upward trend.
On the upside, $82,000 has been presented as immediate resistance. The first key resistance is $82,450. Analysis suggests that if Bitcoin closes above this range, it could lead to a test of the $83,200 resistance, and further gains could open the way to $84,000. The next bullish target is set at $85,000.
Conversely, if Bitcoin fails to overcome the $82,000 resistance zone, another downward correction could occur. Immediate support is near $80,800 and the ascending trendline. The first major support is $80,400, which aligns with the Fibonacci 61.8% retracement level of the rise from the low of $79,168 to the high of $82,436.
The next support level is near $79,950. If further losses occur, it could push Bitcoin down to the $79,250 support, with the key support level set at $78,500. NewsBTC stated that if it falls below this range, Bitcoin could face difficulties in recovering in the short term.
Technical indicators showed mixed signals. The hourly Moving Average Convergence Divergence (MACD) is losing momentum in the bullish zone, and the hourly Relative Strength Index (RSI) is above the 50-line. Bitcoin's short-term trend is expected to depend on whether it maintains support at $80,800 and breaks through resistance at $82,450.
*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.*
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