Bitcoin price started a fresh increase and cleared the $74,650 zone. BTC is consolidating and might aim for more gains above the $75,500 level.
- Bitcoin managed to stay above $73,500 and started a fresh increase.
- The price is trading above $74,200 and the 100 hourly simple moving average.
- There was a break above a bearish trend line with resistance at $74,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might extend gains if it stays above the $73,650 and $73,300 levels.
Bitcoin Price Eyes Upside Break
Bitcoin price found support near $73,200 and started a fresh increase. BTC gained pace for a move above the $73,650 and $74,000 resistance levels.
There was a break above a bearish trend line with resistance at $74,800 on the hourly chart of the BTC/USD pair. A high was formed at $75,500, and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $73,310 swing low to the $75,500 high.
Bitcoin is now trading above $74,200 and the 100 hourly simple moving average. If the price remains stable above $73,800, it could attempt a fresh increase. Immediate resistance is near the $75,000 level. The first key resistance is near the $75,500 level. A close above the $75,500 resistance might send the price further higher. In the stated case, the price could rise and test the $76,200 resistance. Any more gains might send the price toward the $77,400 level. The next barrier for the bulls could be $78,000.
Another Drop In BTC?
If Bitcoin fails to rise above the $75,000 resistance zone, it could start another decline. Immediate support is near the $74,150 level and the 61.8% Fib retracement level of the upward move from the $73,310 swing low to the $75,500 high. The first major support is near the $73,650 level.
The next support is now near the $73,300 zone. Any more losses might send the price toward the $72,000 support in the near term. The main support now sits at $71,200, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $73,650, followed by $73,300.
Major Resistance Levels – $75,000 and $75,500.