Bitcoin price is eyeing more gains above the $73,000 resistance. BTC is setting up for a move toward the $75,000 resistance in the near term.
- Bitcoin price is showing positive signs and eyeing more gains above the $73,000 zone.
- The price is trading above $72,500 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $72,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up if it clears the $73,450 and $73,500 resistance levels.
Bitcoin Price Sets New ATH
Bitcoin price remained well-bid above the $72,000 level. BTC formed a base and started a fresh increase above the $72,500 resistance. The price even broke the $73,000 level.
It traded to a new all-time high above $73,500 before there was a downside correction. The price declined below the $73,000 and $72,500 levels. A low was formed near $71,725 and the price is again rising. There was a move above the $73,000 level.
Bitcoin is now trading above $72,500 and the 100 hourly Simple moving average. It is holding gains above the 50% Fib retracement level of the upward move from the $71,725 swing low to the $73,485 high.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $73,200 level. The next key resistance could be $73,500, above which the price could rise toward the $74,200 resistance zone. If there is a clear move above the $74,200 resistance zone, the price could even attempt a move above the $75,000 resistance zone. Any more gains might send the price toward the $76,500 level.
Another Downside Correction In BTC?
If Bitcoin fails to rise above the $73,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $72,800 level and the trend line.
The first major support is $72,150 or 76.4% Fib retracement level of the upward move from the $71,725 swing low to the $73,485 high. If there is a close below $72,150, the price could start a decent pullback toward the $70,000 level. Any more losses might send the price toward the $68,500 support zone.
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 – $72,800, followed by $72,150.
Major Resistance Levels – $73,200, $73,500, and $75,000.
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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Author: Aayush Jindal
