Bitcoin Price Surges Above $74,000 with Potential for Further Gains
Bitcoin price is increasing, currently above $74,000, and may rise further past the $76,500 resistance zone.
- Bitcoin surged above $73,500.
- The price is above $73,000 and the 100 hourly Simple Moving Average.
- A bullish trend line forms with support at $75,250 on the hourly BTC/USD chart (data from Kraken).
- The pair may continue to rise past the $76,000 resistance level.
Bitcoin Price Extends Rally
Bitcoin began a fresh surge above $73,500, clearing the $75,000 resistance and reaching a new all-time high of $76,457. It is now consolidating gains.
A minor decline occurred below $76,000, dipping beneath the 23.6% Fibonacci retracement of the upward move from $72,747 to $76,457. However, Bitcoin remains above $73,500.
Currently, Bitcoin trades above $74,000 and the 100 hourly Simple Moving Average. The bullish trend line provides support at $75,250.
Resistance is expected near $75,800, with key levels at $76,000 and $76,500. A clear breakout above $76,000 could lead to higher prices, potentially testing $78,000 and then $78,800.
A close above $76,500 might trigger additional gains toward $78,000.
Are Dips Supported In BTC?
If Bitcoin does not surpass $76,000, it may decline. Immediate support is around $75,250 and the trend line.
Major support levels include $74,150 or the 61.8% Fibonacci retracement of the rise from $72,747 to $76,457, followed by $73,500. Further losses could push the price toward the $72,000 support level.
Technical indicators:
Hourly MACD – Gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – Currently above 50.
Major Support Levels – $75,250 and $74,150.
Major Resistance Levels – $76,000 and $76,500.