Bitcoin price started a new increase and reached the $74,650 zone. BTC is consolidating and could aim for more gains above the USD 75,500 level.
- Bitcoin managed to stay above $73,500 and started a new increase.
- The price is trading above USD 74,200 and the 100 hourly moving average.
- There was a break above a bearish trendline with resistance at $74,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it remains above the USD 73,650 and USD 73,300 levels.
Bitcoin Price Eyes Upside Breakout
Bitcoin price found support near $73,200 and started a new increase. BTC gained pace for a move above the USD 73,650 and USD 74,000 resistance levels.
There was a break above a bearish trendline with resistance at $74,800 on the hourly chart of the BTC/USD pair. It reached a high 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 moving average. If the price remains stable above $73,800, another move up could be attempted. The immediate resistance is near the $75,000 level. The first major resistance is around the $75,500 level. A close above the USD 75,500 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 76,200 resistance. Any further gains could send the price towards the USD 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 trigger 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 further losses could send the price towards the USD 72,000 support in the near term. The key support now lies at $71,200, below which BTC could 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 – USD 73,650, followed by USD 73,300.
Major resistance levels – $75,000 and $75,500.