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Home»EXCHANGE NEWS»Bitcoin Price Rises Again: Can Bulls Drive Price Higher?
EXCHANGE NEWS

Bitcoin Price Rises Again: Can Bulls Drive Price Higher?

By Crypto FlexsNovember 8, 20242 Mins Read
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Bitcoin Price Rises Again: Can Bulls Drive Price Higher?
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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.

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