Bitcoin ’s price is currently experiencing upward momentum, surpassing the $74,000 level. The cryptocurrency is operating within a bullish framework and could potentially breach the $76,500 resistance level.
The recent surge began as Bitcoin climbed above the $73,500 level. Currently, it is trading comfortably above $73,000 and remains above the critically monitored 100-hour simple moving average. A bullish trend line is also present, with support noted at around $75,250 on the hourly BTC/USD chart. Analysts suggest that if the upward trend persists, Bitcoin may successfully pass through the $76,000 resistance.
In its most recent performance, Bitcoin reached highs of $76,457 after overcoming the $75,000 resistance level, marking a new all-time record. While there was a slight downturn following this peak, dipping below the $76,000 level and the 23.6% Fibonacci retracement level of the upward movement, Bitcoin is maintaining its position above $73,500, indicating a generally positive outlook.
As Bitcoin trades above $74,000 and continues to hold above the 100-hour moving average, potential resistance is anticipated near $75,800. The primary resistance level to watch is $76,000; a definitive move past this could propel Bitcoin further toward the $76,500 level. Should Bitcoin close above this level, there is a possibility for more significant increases, targeting the $78,000 and potentially the $78,800 levels.
Conversely, if Bitcoin struggles to ascend past the $76,000 resistance, it could face downward pressure. Immediate support sits around $75,250, with further major support expected at the $74,150 level and the 61.8% Fibonacci retracement from the recent upward shift. Additional declines may bring Bitcoin closer to the $72,000 support level, necessitating careful monitoring as the situation unfolds.
