Bitcoin price started a recovery wave above the $80,500 zone.

BTC is consolidating and might aim for more gains if it clears the $81,500 resistance zone.

Bitcoin managed to form a base above $80,000 and started a recovery wave.

The price is trading above $80,500 and the 100 hourly simple moving average.

There is a bearish trend line forming with resistance at $81,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might gain bullish momentum if it settles above the $81,500 zone.

Bitcoin Price Eyes Fresh Upside Break Bitcoin price remained supported above the $80,000 zone.

BTC formed a base and settled above $80,500 to start a recovery wave .

There was a move above the $80,650 and $80,800 levels.

The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $82,100 swing high to the $79,844 low.

However, the bears could be active near $81,250.

There is also a bearish trend line forming with resistance at $81,500 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $80,500 and the 100 hourly simple moving average .

If the price remains stable above $80,500, it could attempt a fresh increase.

Immediate resistance is near the $81,250 level, the trend line, and the 61.8% Fib retracement level of the downward move from the $82,100 swing high to the $79,844 low.

The first key resistance is near the $82,000 level.

A close above the $82,000 resistance might send the price further higher.

In the stated case, the price could rise and test the $82,500 resistance.

Any more gains might send the price toward the $83,500 level.

The next barrier for the bulls could be $85,000.

Another Decline In BTC? If Bitcoin fails to rise above the $81,500 resistance zone, it could start another decline.

Immediate support is near the $80,500 level.

The first major support is near the $80,000 level.

The next support is now near the $79,200 zone.

Any more losses might send the price toward the $78,250 support in the near term.

The main support now sits at $77,500, below which BTC might struggle to recover in the near term.

Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $80,500, followed by $80,000.

Major Resistance Levels – $81,500 and $82,000.