Bitcoin Price Builds Strength, $75K Break Could Trigger Surge

Bitcoin price started a fresh increase and cleared the $74,650 zone. BTC is consolidating and might aim for more gains above the $75,500 level.

• Bitcoin managed to stay above $73,500 and started a fresh increase.
• The price is trading above $74,200 and the 100 hourly simple moving average.
• There was a break above a bearish trend line with resistance at $74,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend gains if it stays above the $73,650 and $73,300 levels.

Bitcoin Price Eyes Upside Break

Bitcoin price found support near $73,200 and started a fresh increase. BTC gained pace for a move above the $73,650 and $74,000 resistance levels.

There was a break above a bearish trend line with resistance at $74,800 on the hourly chart of the BTC/USD pair. A high was formed at $75,500, and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $73,310 swing low to the $75,500 high.

Source: BTCUSD on TradingView.com

Bitcoin is now trading above $74,200 and the 100 hourly simple moving average. If the price remains stable above $73,800, it could attempt a fresh increase. Immediate resistance is near the $75,000 level. The first key resistance is near the $75,500 level. A close above the $75,500 resistance might send the price further higher. In the stated case, the price could rise and test the $76,200 resistance. Any more gains might send the price toward the $77,400 level. The next barrier for the bulls could be $78,000.

Another Drop In BTC?

If Bitcoin fails to rise above the $75,000 resistance zone, it could start another decline. Immediate support is near the $74,150 level and the 61.8% Fib retracement level of the upward move from the $73,310 swing low to the $75,500 high. The first major support is near the $73,650 level.