The price of Bitcoin is rapidly climbing, exceeding the $74,000 mark. Currently trading within a bullish zone, Bitcoin (BTC) seems poised to further ascend beyond the $76,500 resistance point. The crypto started its latest uptrend surging past the $73,500 threshold, and the momentum continued as it crossed over $75,000, reaching a new all-time high at $76,457. Following this peak, BTC has entered a phase of consolidation, experiencing a slight dip below $76,000 and retracing to just below the 23.6% Fibonacci level of the upward movement, which ranged from a low of $72,747 to the recent high.
Despite this minor pullback, Bitcoin remains in a strong position above $74,000, continually trading above the 100-hour simple moving average. A bullish trend line is evident, with support firmly established around $75,250 on the hourly BTC/USD chart. On the higher side, Bitcoin faces its first resistance hurdle near $75,800, with a more significant challenge at the $76,000 level. Should BTC clearly break through the $76,000 resistance, it could pave the way for further price appreciation, targeting a subsequent resistance around $76,500.
A successful close above the $76,500 mark could potentially spur additional gains, pushing the price up to test the $78,000 resistance level. Continuation of this upward trend might see BTC aim for the $78,800 resistance level.
Conversely, if Bitcoin struggles to overcome the $76,000 resistance zone, it might experience further downward pressure. Initial support on this downward path is near $75,250, aligned with the existing trend line. The first major fallback zone is around $74,150, aligning closely with the 61.8% Fibonacci retracement level from the $72,747 to $76,457 surge. Any further decline might push BTC towards the $73,500 region. Persisting losses could eventually drive the price down to the $72,000 support level in the short term.
Technical indicators reflect these dynamics with the hourly MACD indicating stronger upward momentum, while the Relative Strength Index (RSI) for BTC/USD hovers above the 50 mark, reinforcing the bullish outlook. Critical support and resistance levels include $75,250 and $74,150 on the downside, with upwards resistance pegged at $76,000 and $76,500 respectively.
