Bitcoin price is gaining pace above $75,000. Bitcoin is rising and may aim to move above the $77,000 resistance area in the near term.
- Bitcoin started a new rally above the $74,500 area.
- The price is trading above $74,000 and the 100 hourly simple moving average.
- There is a solid uptrend line forming with support at $75,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $76,200 resistance area.
Bitcoin price sets another ATH
Bitcoin price started a new increase above the $74,500 level. Bitcoin crossed the $75,000 resistance level and traded to a new all-time high. It hit 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% Fibonacci retracement level of the upward move from the swing low at $72,745 to the swing high at $76,937. However, the price is still in positive territory above the $75,000 level.
Bitcoin price is now trading above $75,200 and the 100 hourly simple moving average. There is also a solid uptrend line forming with support at $75,450 on the hourly chart of the BTC/USD pair.
On the upside, the price may face resistance near the $76,000 level. The first major resistance is located near the $76,200 level. A clear move above the $76,200 resistance level could send the price higher. The next major resistance could be $78,000.
A close above the $78,000 resistance could lead to further gains. In the mentioned case, the price may rise and test the resistance level of $78,800. Any further gains may push the price towards the $79,450 resistance level.
Are the declines limited in BTC?
If Bitcoin fails to rise above the $76,200 resistance area, it may continue to move lower. Immediate support on the downside is near the $75,450 level and trend line.
The first major support is near the $74,350 level or the 61.8% Fib retracement level of the upward move from the $72,745 swing low to the $76,937 swing high. The next support is now near the $73,750 area. Any further losses could send the price towards the $72,200 support level in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $75,450, followed by $74,350.
Key resistance levels – $76,000 and $76,200.