Bitcoin price started a recovery wave from the $73,650 zone. BTC is consolidating and could struggle to break the USD 76,500 resistance zone.
- Bitcoin managed to form a base above $74,000 and started a recovery wave.
- The price is trading above $75,000 and the 100 hourly moving average.
- There was a break above a bearish trendline with resistance at $75,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it settles above the $76,500 zone.
Bitcoin price aims higher
Bitcoin price extended losses below the USD 75,500 support zone. BTC even peaked below $74,000 before the bulls showed up. A low was formed at $73,637, and the price is now trying to recover.
There was a move above the USD 74,500 and USD 75,000 levels. There was a break above a bearish trendline with resistance at $75,200 on the hourly chart of the BTC/USD pair. The pair even surpassed the 50% Fib retracement level on the downward move from the $78,344 swing high to the $73,637 low.
Bitcoin is now trading above $75,000 and the 100 hourly moving average. If the price remains stable above $75,000, another increase can be attempted. Immediate resistance is near the $76,500 level and the 61.8% Fib retracement level of the downward move from the $78,344 swing high to the $73,637 low.
The first major resistance is around the $77,250 level. A close above the USD 77,250 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 78,000 resistance. Any further gains could send the price towards the USD 78,500 level. The next barrier for the bulls could be $80,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 76,500 resistance zone, it could trigger another decline. Immediate support is near the $75,400 level.
The first major support is near the $75,000 level. The next support is now near the $74,250 zone. Any further losses could send the price towards the USD 73,650 support in the short term. The key support now lies at $72,000, 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 moving lower towards the 50 level.
Major support levels – USD 75,000, followed by USD 74,250.
Major resistance levels – $76,500 and $77,250.