Bitcoin price is gaining momentum above $75,000. BTC is rising and may aim to cross the $77,000 resistance zone in the near future.
- Bitcoin has started a recent rally above the $74,500 zone.
- The price is above $74,000 and Plain’s 100-hour moving average.
- A connecting bullish trend line is forming on the hourly chart of the BTC/USD pair with support at $75,450 (fed by data from Kraken).
- The pair may continue to rise above the $76,200 resistance zone.
Bitcoin price sets the next ATH
Bitcoin price has started a recent surge above the $74,500 level. BTC overcame the resistance at $75,000 and reached a recent all-time high. It reached a high of $76,937 and is currently consolidating gains.
There was a slight decline below the $76,200 level. The price fell below the 23.6% Fib retracement level, the result of an upward move from a low of $72,745 to a high of $76,937. However, the price is still in the positive zone above the $75,000 level.
Bitcoin price is currently above $75,200 and the 100-hour straightforward moving average. A connecting bullish trend line is also forming on the hourly chart of the BTC/USD pair with support at $75,450.
On the other hand, the price may face resistance near the $76,000 level. The first key resistance is near the $76,200 level. A clear move above the resistance at $76,200 could result in a price raise. The next key resistance could be $78,000.
A close above the resistance at $78,000 could trigger further gains. In this case, the price could move higher and test the resistance level at $78,800. Any further gains could push the price towards the $79,450 resistance level.
Are declines circumscribed in BTC?
If Bitcoin does not rise above the $76,200 resistance zone, it may continue to decline. Immediate downside support is located near the $75,450 level and the trend line.
The first major support is located near the $74,350 level or the 61.8% Fib retracement level, a sign of an upward move from a low of $72,745 to a high of $76,937. The next support is currently located near the $73,750 zone. Any further losses could push the price towards the $72,200 support in the near future.
Technical Indicators:
Hourly MACD – The MACD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Main support levels – $75,450, then $74,350.
Major resistance levels – $76,000 and $76,200.
