Bitcoin Price Surges Above $75,000 Aiming for $77,000 Resistance
Bitcoin price is increasing, now above $75,000, with potential movement towards the $77,000 resistance area.
- Bitcoin initiated a surge above the $74,500 mark.
- The price exceeds $74,000 and the 100-hour Simple Moving Average.
- A bullish trend line is forming with support at $75,450 on the hourly BTC/USD chart (data from Kraken).
- The pair may rise above the $76,200 resistance level.
Bitcoin Price Sets Another ATH
Bitcoin has begun a fresh increase above $74,500, surpassing the $75,000 resistance and achieving a new all-time high of $76,937 while currently consolidating gains.
A minor decline occurred below $76,200, dipping under the 23.6% Fibonacci retracement level of the move from $72,745 to $76,937. However, it remains above $75,000.
Currently, Bitcoin trades above $75,200 and the 100-hour Simple Moving Average. The bullish trend line provides support at $75,450 on the hourly BTC/USD chart.
On the upside, resistance is present near $76,000, with key resistance at $76,200. A clear break above this level could push the price higher, targeting $78,000 next.
A close above $78,000 could lead to further gains, potentially testing the $78,800 resistance followed by $79,450.
Are Dips Limited In BTC?
If Bitcoin does not rise above $76,200, it may continue to decline. Immediate support lies around $75,450 and the trend line.
Major support levels include $74,350 or the 61.8% Fibonacci retracement of the upward move from $72,745 to $76,937, with additional support at $73,750. Further losses could see the price approach $72,200.
Technical indicators:
Hourly MACD – The MACD is slowing in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above 50.
Major Support Levels – $75,450 and $74,350.
Major Resistance Levels – $76,000 and $76,200.