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Bitcoin Price Smashes $74K Barrier, Rally Gains Strong Traction

Source Newsbtc

Bitcoin price started a fresh surge and cleared the $73,800 zone. BTC is consolidating and might aim for more gains above the $75,000 level.

Bitcoin managed to stay above $72,000 and started a fresh increase.
The price is trading above $74,000 and the 100 hourly simple moving average.
There is a steep bullish trend line forming with support at $73,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend gains if it stays above the $73,800 and $72,750 levels.

Bitcoin Price Surges Nearly 5%

Bitcoin price found support near $70,500 and started a fresh increase. BTC gained pace for a move above the $72,000 and $72,500 resistance levels.

The bulls even pushed the price above the key level at $74,000. A high was formed at $74,966, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $70,517 swing low to the $74,966 high.

Bitcoin is now trading above $74,000 and the 100 hourly simple moving average. There is also a steep bullish trend line forming with support at $73,800 on the hourly chart of the BTC/USD pair.

If the price remains stable above $74,000, it could attempt a fresh increase. Immediate resistance is near the $74,800 level. The first key resistance is near the $75,000 level. A close above the $75,000 resistance might send the price further higher. In the stated case, the price could rise and test the $76,500 resistance. Any more gains might send the price toward the $77,200 level. The next barrier for the bulls could be $78,000.

Downside Correction In BTC?

If Bitcoin fails to rise above the $75,000 resistance zone, it could start another decline. Immediate support is near the $73,800 level and the trend line.

The first major support is near the $73,250 level. The next support is now near the $72,750 zone or the 50% Fib retracement level of the upward move from the $70,517 swing low to the $74,966 high. Any more losses might send the price toward the $72,200 support in the near term. The main support now sits at $71,500, below which BTC might struggle to recover in the near term.

Technical indicators:

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

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

Major Support Levels – $73,800, followed by $72,750.

Major Resistance Levels – $75,000 and $76,500.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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