Bitcoin ’s price is witnessing a notable upward trajectory, currently trading above the $75,000 level and approaching the significant $77,000 resistance level. The cryptocurrency has initiated a fresh rally, surpassing the $74,500 level, and is maintaining its position above the 100 hourly simple moving average.
After breaking through the $75,000 resistance, Bitcoin achieved new heights, recording a peak of $76,937 before entering a consolidation phase. Although there was a minor retracement below the $76,200 level, the overall sentiment remains bullish, with Bitcoin still trading above $75,000. A bullish trend line is establishing itself, with critical support observed at around $75,450 on the hourly chart for the BTC/USD pair.
In terms of price action, the cryptocurrency could encounter selling pressure near the $76,000 level, with immediate resistance identified at $76,200. A decisive move above this resistance could pave the way for further gains, potentially pushing Bitcoin toward the next resistance target of $78,000. If Bitcoin manages to close above this level, there is a strong possibility of reaching the $78,800 level, with further upward momentum potentially leading to the $79,450 resistance.
Conversely, if Bitcoin struggles to break through the critical $76,200 resistance, it may experience downward pressure. Immediate support levels are situated around $75,450, which aligns with the bullish trend line. Should the price falter, the first substantial support lies near $74,350, while further losses could see Bitcoin testing the $73,750 region and potentially dipping to $72,200.
Technical indicators reveal a shift in momentum; the hourly MACD is indicating a weakening bullish trend, whereas the RSI remains above the neutral 50 level, suggesting sustained buying interest in the market. Investors should closely monitor these levels as they could dictate the next moves for Bitcoin .
