The price of Bitcoin is increasing rapidly above $74,000. BTC is trading in bullish territory and may rise above the $76,500 resistance area.
- Bitcoin started a new rise above the $73,500 area.
- The price is trading above $73,000 and the hourly moving average is 100.
- There is a connecting bullish trendline forming with support at $75,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $76,000 resistance area.
Bitcoin Price Extends Rally
Bitcoin price started a new increase above the $73,500 level. BTC even cleared the $75,000 resistance and traded at a new all-time high. It posted a high of $76,457 and is currently covering gains.
There was a slight decline below the $76,000 level. The price fell below the 23.6% Fib retracement level from the swing low of $72,747 to the high of $76,457. However, the price is still well above the $73,500 level.
Bitcoin price is now trading above $74,000 with a moving average of 100 per hour. There is also a connecting bullish line forming with support at $75,250 on the hourly chart of the BTC/USD pair.
On the other hand, the price may face resistance near the $75,800 level. The first key resistance is near the $76,000 level. A clear move above the $76,000 resistance could send the price higher. The next key resistance would be $76,500.
A close above resistance at $76,500 could trigger further gains. In the mentioned case, the price can rise and test the resistance level of $78,000. Any further gains could send the price to the resistance level of $78,800.
Are Dips supported in BTC?
If Bitcoin fails to rise above the $76,000 resistance area, it could continue to decline. Immediate support on the downside is near the $75,250 level and the trend line.
The first major support is near the $74,150 level or the 61.8% Fib retracement level of the upside from the $72,747 swing low to the $76,457 high. The next support is now near the $73,500 area. Another loss could send the price to the $72,000 support in the near term.
Technical indicators:
Hourly MACD – MACD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major Support Levels – $75,250, followed by $74,150.
Maximum Objection Levels – $76,000, and $76,500.
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