Bitcoin’s price is rapidly gaining above $75,000. BTC is rising and could aim for a move above the USD 77,000 resistance zone in the near term.
- Bitcoin started a new rise above the $74,500 zone.
- The price is trading above $74,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $75,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $76,200 resistance zone.
Bitcoin price sets another ATH
Bitcoin price started a new increase above the USD 74,500 level. BTC managed to overcome the USD 75,000 resistance and traded to a new all-time high. It made a high at $76,937 and is currently consolidating gains.
There was a small decline below the $76,200 level. The price fell below the 23.6% Fib retracement level of the upward move from the $72,745 swing low to the $76,937 high. However, the price is still in a positive zone above the USD 75,000 level.
Bitcoin price is now trading above $75,200 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $75,450 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the USD 76,000 level. The first major resistance is near the $76,200 level. A clear move above the USD 76,200 resistance could push the price higher. The next major resistance could be at USD 78,000.
A close above the $78,000 resistance could lead to more gains. In the said case, the price could rise and test the USD 78,800 resistance level. Any further gains could send the price towards the USD 79,450 resistance level.
Are dips limited in BTC?
If Bitcoin fails to rise above the USD 76,200 resistance zone, it could continue to decline. The immediate downside support is near the $75,450 level and the trendline.
The first major support is near the $74,350 level or the 61.8% Fib retracement level of the upward move from the $72,745 swing low to the $76,937 high. The next support is now near the $73,750 zone. Any further losses could send the price towards the USD 72,200 support 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 above the 50 level.
Major support levels – USD 75,450, followed by USD 74,350.
Major resistance levels – $76,000 and $76,200.