Bitcoin price started a strong rise above the $75,000 zone. BTC is now consolidating and could target more gains if it clears $76,000.
- Bitcoin started a decent upward move above the $74,000 zone.
- The price is trading above USD 74,200 and the 100 hourly moving average.
- A bullish trendline is forming with support at $71,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it crosses the $75,500 and $76,000 levels.
Bitcoin Price Extends Rally
Bitcoin price remained supported and extended the gain above the USD 72,500 level. BTC climbed above the USD 73,200 and USD 74,000 resistance levels.
The bulls were able to push the price above $75,000. A high was reached at $75,998, and the price is now consolidating gains above the 23.6% Fib retracement level from the recent upward move from the $70,293 swing low to the $75,998 high.
Bitcoin is now trading above $74,000 and the 100 hourly moving average. Moreover, a bullish trendline is forming with support at $71,650 on the hourly chart of the BTC/USD pair.
If the price remains stable above $73,500, another move up could be attempted. The immediate resistance is near the $75,500 level. The first major resistance is around the $76,000 level. A close above the USD 76,000 resistance could send the price higher. In the mentioned case, the price could rise and test the USD 76,800 resistance. Any further gains could send the price towards the $78,000 level. The next barrier for the bulls could be $80,000.
Downward correction in BTC?
If Bitcoin fails to rise above the $76,000 resistance zone, it could trigger another decline. Immediate support is near the $74,500 level. The first major support is near the $73,200 level or the 50% Fib retracement level of the recent upward move from the $70,293 swing low to the $75,998 high.
The next support is now near the $72,000 zone. Any further losses could send the price towards the USD 71,200 support in the short term. The key support is now at $70,000, below which BTC could struggle to recover 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 74,500, followed by USD 73,200.
Major resistance levels – $75,500 and $76,000.