Bitcoin Price Targets $75K Break, Is a New Rally Incoming?
TL;DR
Bitcoin price is surging and has cleared the $74,500 mark, aiming for a potential breakout above $75,000. It remains above key support levels, indicating a possibility of further gains.
Key points
- Bitcoin price cleared the $74,500 zone
- BTC is trading above $74,000 and the 100 hourly moving average
- A declining channel is forming with resistance at $75,000
- Support levels are at $73,650 and $73,300
- Last swing high was $76,088 before a correction
Bitcoin price started a fresh surge and cleared the $74,500 zone. BTC is consolidating and might aim for more gains above the $75,000 level.
- Bitcoin managed to stay above $73,500 and started a fresh increase.
- The price is trading above $74,000 and the 100 hourly simple moving average.
- There is a declining channel forming with resistance at $75,000 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 Aims for Steady Gains
Bitcoin price found support near $73,000 and started a fresh increase. BTC gained pace for a move above the $73,500 and $73,650 resistance levels.
The last swing high was formed at $76,088 before there was a downside correction. The price dipped below $74,000. It even spiked below the 38.2% Fib retracement level of the upward move from the $70,518 swing low to the $76,088 high.
Bitcoin is now trading above $74,000 and the 100 hourly simple moving average. There is also a declining channel forming with resistance at $75,000 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
If the price remains stable above $73,650, 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 $76,000 resistance. Any more gains might send the price toward the $77,500 level. The next barrier for the bulls could be $78,000.
Another Decline In BTC?
If Bitcoin fails to rise above the $75,500 resistance zone, it could start another decline. Immediate support is near the $74,250 level. The first major support is near the $73,650 level.
The next support is now near the $73,300 zone or the 50% Fib retracement level of the upward move from the $70,518 swing low to the $76,088 high. Any more losses might send the price toward the $72,650 support in the near term. The main support now sits at $72,000, 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 – $73,650, followed by $73,300.
Major Resistance Levels – $75,000 and $76,000.
Q&A
What is the current Bitcoin price trend?
Bitcoin is currently experiencing a fresh surge, trading above $74,000 and aiming for gains above $75,000.
What support levels are crucial for Bitcoin's price movement?
Key support levels for Bitcoin are at $73,650 and $73,300, which it needs to maintain for potential upward movement.
What was the last swing high for Bitcoin before the recent correction?
The last swing high for Bitcoin was $76,088 before it experienced a downside correction.
