Bitcoin continues its upward trajectory, with its price surging past the $75,000 mark. Rising steadily, Bitcoin seems poised to breach the $77,000 resistance zone soon.
After breaking through the $74,500 barrier, Bitcoin reached new heights, trading above $75,000 and comfortably exceeding the 100-hourly Simple Moving Average. The BTC/USD pair, bolstered by a bullish trend line with support set at $75,450, is positioned for further gains.
This upward momentum allowed Bitcoin to establish a fresh all-time high of $76,937, before entering a phase of consolidation. A slight dip occurred, bringing the price below the $76,200 mark, and touching the 23.6% Fibonacci retracement level of the previous rise from $72,745 to $76,937. Nevertheless, Bitcoin remains in a bullish zone above $75,000.
Currently trading at over $75,200, Bitcoin’s immediate resistance point lies near the $76,000 level. A more significant resistance is at the $76,200 mark; surmounting this could propel the price even higher. The next critical resistance levels are pegged at $78,000, and subsequently, $78,800. Should these levels be conquered, Bitcoin might then target the $79,450 mark.
However, if Bitcoin struggles to break past the $76,200 resistance, it may experience a downturn. Initial support on the downside is positioned around the $75,450 level, anchored by the trend line. The first robust support level exists at $74,350, aligning with the 61.8% Fibonacci retracement of the ascent from $72,745 to $76,937. Further dips could drive the price towards the $73,750 and $72,200 support zones.
Technical indicators underscore the current state: the hourly MACD is tapering off within the bullish region, while the hourly RSI remains above the 50 level. Key support levels are identified at $75,450 and $74,350, with major resistance anticipated at $76,000 and $76,200.
