Bitcoin price started a new increase and reached the $74,500 zone. BTC is consolidating and could aim for more gains above the USD 75,000 level.
- Bitcoin managed to stay above $73,500 and started a new increase.
- The price is trading above USD 74,000 and the 100 hourly moving average.
- A descending channel is forming with resistance at $75,000 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 aims for steady gains
Bitcoin price found support near $73,000 and started a new increase. BTC gained pace for a move above the USD 73,500 and USD 73,650 resistance levels.
The last swing high was formed at $76,088 before a downward correction occurred. The price fell below $74,000. It even peaked below the 38.2% Fib retracement level of the upward move from the $70,518 swing low to the $76,088 high.
Bitcoin is now trading above $74,000 and the 100 hourly moving average. A descending channel is also forming with resistance at $75,000 on the hourly chart of the BTC/USD pair.
If the price holds steady above $73,650, 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 76,000 resistance. Any further gains could send the price towards the USD 77,500 level. The next barrier for the bulls could be $78,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 75,500 resistance zone, it could trigger another decline. The immediate support is near the $74,250 level. The first major support is near the $73,650 level.
The next support now lies near the $73,300 zone or the 50% Fib retracement level of the upward move from the $70,518 swing low to the $76,088 high. Any further losses could send the price towards the USD 72,650 support in the near 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 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 73,650, followed by USD 73,300.
Major resistance levels – $75,000 and $76,000.