Millennial Money

Bitcoin Price Resumes Rally As The Bulls Now Aim For $75K

Bitcoin price started another increase above the $70,000 resistance. BTC cleared $72,000 and now the bulls seem to be aiming for a move toward $75,000.

  • Bitcoin price started another increase above the $70,000 and $71,000 levels.
  • The price is trading above $71,500 and the 100 hourly Simple moving average.
  • There is a short-term contracting triangle forming with resistance at $72,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move up if it clears the $72,500 and $72,850 resistance levels.

Bitcoin Price Sets New ATH

Bitcoin price remained stable above the $68,000 level. BTC formed a support base and recently started a fresh increase above the $70,000 resistance. The bulls pumped the price above the $72,000 level.

The price traded to a new all-time high at $72,866. It is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $67,666 swing low to the $72,866 high. There is also a short-term contracting triangle forming with resistance at $72,500 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $72,000 and the 100 hourly Simple moving average. Immediate resistance is near the $72,500 level and the triangle zone. The next key resistance could be $72,850, above which the price could rise toward the $73,500 resistance zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a clear move above the $73,500 resistance zone, the price could even attempt a move above the $74,000 resistance zone. Any more gains might send the price toward the $75,000 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $72,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $72,000 level.

The first major support is $70,000 or the 50% Fib retracement level of the upward move from the $67,666 swing low to the $72,866 high. If there is a close below $70,000, the price could start a decent pullback toward the $68,500 level. Any more losses might send the price toward the $66,600 support zone.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $72,000, followed by $70,000.

Major Resistance Levels – $72,500, $72,850, and $73,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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