Bitcoin price started a strong increase above the $75,000 zone. BTC is now consolidating and might aim for more gains if it clears $76,000.
Bitcoin started a decent upward move above the $74,000 zone. The price is trading above $74,200 and the 100 hourly simple moving average. There is a bullish trend line forming with support at $71,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to rise if it clears the $75,500 and $76,000 levels. Bitcoin Price Extends RallyThe bulls were able to pump the price above $75,000. A high was formed at $75,998, and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $70,293 swing low to the $75,998 high.
If the price remains stable above $73,500, it could attempt a fresh increase. Immediate resistance is near the $75,500 level. The first key resistance is near the $76,000 level. A close above the $76,000 resistance might send the price further higher. In the stated case, the price could rise and test the $76,800 resistance. Any more gains might send the price toward the $78,000 level. The next barrier for the bulls could be $80,000.
Downside Correction In BTC?If Bitcoin fails to rise above the $76,000 resistance zone, it could start another decline. Immediate support is near the $74,500 level. The first major support is near the $73,200 level or the 50% Fib retracement level of the recent upward move from the $70,293 swing low to the $75,998 high.
The next support is now near the $72,000 zone. Any more losses might send the price toward the $71,200 support in the near term. The main support now sits at $70,000, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $74,500, followed by $73,200.
Major Resistance Levels – $75,500 and $76,000.
