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CoinDesk1 min read
Bitcoin Price Cools Off, Bulls Prepare for Next Leg Higher
TL;DR
Bitcoin price has surged above $74,200 and is consolidating, with potential gains above $75,500. Support levels are established at $73,950 and $72,650.
Key points
- Bitcoin price cleared the $74,200 zone
- Current trading above the 100 hourly simple moving average
- Resistance forming at $75,200 on the hourly chart
Bitcoin price started a fresh surge and cleared the $74,200 zone. BTC is consolidating and might aim for more gains above the $75,500 level.
- Bitcoin managed to stay above $73,200 and started a fresh increase.
- The price is trading above $74,200 and the 100 hourly simple moving average.
- There is a declining channel forming with resistance at $75,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might extend gains if it stays above the $73,950 and $72,650 levels.
Bitcoin Price Aims for More Upsides
Bitcoin price found support near $71,200 and started a fresh increase. BTC gained pace for a move above the $72,500 and $73,200 resistance levels.
The bulls even pushed the price above the key level at $75,000. A high was formed at $76,088, and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $70,518 swing low to the $76,088 high.
Bitcoin is now trading above $74,200 and the 100 hourly simple moving average. There is also a declining channel forming with resistance at $75,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
If the price remains stable above $74,000, it could attempt a fresh increase. Immediate resistance is near the $74,800 level. The first key resistance is near the $75,200 level. A close above the $75,200 resistance might send the price further higher. In the stated case, the price could rise and test the $76,000 resistance. Any more gains might send the price toward the $77,500 level. The next barrier for the bulls could be $78,000.
Downside Correction In BTC?
If Bitcoin fails to rise above the $75,200 resistance zone, it could start another decline. Immediate support is near the $73,950 level. The first major support is near the $73,300 level.
Q&A
What is the current price of Bitcoin after its recent surge?
Bitcoin is currently trading above $74,200, having reached a high of $76,088.
What support levels should Bitcoin holders watch for?
Key support levels for Bitcoin are at $73,950 and $72,650.
Is Bitcoin expected to rise above $75,500?
Yes, Bitcoin might aim for more gains above the $75,500 level if it maintains its current position.
