Bitcoin price is rising above $75,000. BTC is on the rise and may aim to break above the $77,000 resistance zone in the near term.
- Bitcoin began a new surge above the $74,500 area.
- The price is trading above $74,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline attached with support at $75,450.
- The pair may continue to rise above the $76,200 resistance zone.
Bitcoin price sets another ATH
Bitcoin price began a new rise above the $74,500 level. BTC cleared the $75,000 resistance level and traded at a new all-time high. It hit a high of $76,937 and is currently consolidating gains.
It fell slightly below the $76,200 level. The price fell below the 23.6% Fib retracement level, rising from the $72,745 swing low to the $76,937 high. However, prices are still in positive territory above the $75,000 level.
Bitcoin price is currently trading above $75,200 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a connecting bullish trendline with support at $75,450.
On the other hand, the price may face resistance near $76,000. The first major resistance is near the $76,200 level. A clear break above the $76,200 resistance level could push the price higher. The next major resistance could be $78,000.
A break above the $78,000 resistance could lead to further gains. If stated, the price could move higher to test the $78,800 resistance level. Any more gains may push the price towards the $79,450 resistance level.
Are dips limited in BTC?
If Bitcoin fails to rise above the $76,200 resistance zone, it may continue to fall. Immediate support for the downside is near the $75,450 level and trendline.
The first major support is near the $74,350 level or the 61.8% Fib retracement level rising from the $72,745 swing low to the $76,937 high. The next support is now near the $73,750 area. More losses could push the price towards the $72,200 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $75,450, $74,350.
Key resistance levels – $76,000 and $76,200.