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Bitcoin price is rapidly gaining above $74,000. BTC is trading in a bullish zone and could rise further above the USD 76,500 resistance zone.
- Bitcoin started a new rise above the $73,500 zone.
- The price is trading above $73,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $75,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $76,000 resistance zone.
Bitcoin Price Extends Rally
Bitcoin price started a new increase above the USD 73,500 level. BTC even managed to overcome the $75,000 resistance and trade to a new all-time high. It recorded a high at $76,457 and is currently consolidating gains.
There was a small decline below the $76,000 level. The price fell below the 23.6% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. However, the price is still in a positive zone above the USD 73,500 level.
Bitcoin price is now trading above $74,000 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $75,250 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the USD 75,800 level. The first major resistance is around the $76,000 level. A clear move above the USD 76,000 resistance could push the price higher. The next major resistance could be at USD 76,500.
A close above the resistance at $76,500 could lead to more gains. In the said case, the price could rise and test the USD 78,000 resistance level. Any further gains could send the price towards the USD 78,800 resistance level.
Are dips supported in BTC?
If Bitcoin fails to rise above the $76,000 resistance zone, the price may continue to decline. The immediate downside support is near the $75,250 level and the trendline.
The first major support is near the $74,150 level or the 61.8% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. The next support is now near the $73,500 zone. Any further losses could send the price towards the USD 72,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 75,250, followed by USD 74,150.
Major resistance levels – $76,000 and $76,500.
