Bitcoin Price Targets $75K Break, Is a New Rally Incoming?

Bitcoin price started a fresh surge and cleared the $74,500 zone. BTC is consolidating and might aim for more gains above the $75,000 level.

• Bitcoin managed to stay above $73,500 and started a fresh increase.
• The price is trading above $74,000 and the 100 hourly simple moving average.
• There is a declining channel forming with resistance at $75,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend gains if it stays above the $73,650 and $73,300 levels.

Bitcoin price found support near $73,000 and started a fresh increase. BTC gained pace for a move above the $73,500 and $73,650 resistance levels.

The last swing high was formed at $76,088 before there was a downside correction. The price dipped below $74,000. It even spiked below the 38.2% Fib retracement level of the upward move from the $70,518 swing low to the $76,088 high.

Bitcoin is now trading above $74,000 and the 100 hourly simple moving average. There is also a declining channel forming with resistance at $75,000 on the hourly chart of the BTC/USD pair.

If the price remains stable above $73,650, it could attempt a fresh increase. Immediate resistance is near the $75,000 level. The first key resistance is near the $75,500 level. A close above the $75,500 resistance might send the price further higher. In the stated case, the price could rise and test the $76,000 resistance. Any more gains might send the price toward the $77,500 level. The next barrier for the bulls could be $78,000.

If Bitcoin fails to rise above the $75,500 resistance zone, it could start another decline. Immediate support is near the $74,250 level. The first major support is near the $73,650 level.

The next support is now near the $73,300 zone or the 50% Fib retracement level of the upward move from the $70,518 swing low to the $76,088 high. Any more losses might send the price toward the $72,650 support in the near term. The main support now sits at $72,000, 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 – $73,650, followed by $73,300.

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