Bitcoin is rising above $75,000 at a rapid pace. BTC has been rising, and could aim to move over the $77,000 zone of resistance in the short term.
- Bitcoin has started to surge again above $74,500.
- Price is above the Simple Moving Average of 100 hours and $74,000.
- On the BTC/USD hourly chart, there is a bullish line connecting the support level of $75450 (data from Kraken).
- Both could rise further than the resistance level of $76,200.
Bitcoin price makes another ATH
The Bitcoin price has started to rise. fresh increase Above the $74,500 mark. BTC traded above the resistance level of $75,000. It reached an all-time high of $76,937.
A minor drop was recorded below $76,200. The price dropped below the level that represents the 23.6% of Fib’s retracement from the low swing point (72,745) to the high $76,937. The price remains in the positive territory above $75,000.
Bitcoin’s price has now risen to $75,200. 100 hourly Simple moving average. On the BTC/USD hourly chart, there is a bullish connecting trend line with a support level of $75450.
Price could be facing resistance on the upside near $76,000. First, the price will face resistance near $76,200. Price could rise if the market clears $76,200. Next, the key resistance might be $78,000.
If the price closes above $78,000, it could lead to more gains. The price may rise to the level of $78,800 and then test it. Any further gains could send the price to the $79450 resistance level.
Do Dips Only Come In BTC?
Bitcoin could fall further if it fails to break through the resistance level of $76,200. Support for the short-term is located near the 75,450 mark and the trendline.
First major support near $74,350 or the Fib retracement of the move upward from the swing low $72,745 to the high $76,937. Now, the next major support zone is near the $73,750 area. If the market continues to fall, it could push the price down toward the $72,200 level in the near future.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $75,450, followed by $74,350.
Major Resistance Levels – $76,000, and $76,200.
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Source: www.newsbtc.com
