Bitcoin Price Cools Off, Bulls Prepare for Next Leg Higher

Bitcoin price started a fresh surge and cleared the $74,200 zone. BTC is consolidating and might aim for more gains above the $75,500 level.

• Bitcoin managed to stay above $73,200 and started a fresh increase.
• The price is trading above $74,200 and the 100 hourly simple moving average.
• There is a declining channel forming with resistance at $75,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend gains if it stays above the $73,950 and $72,650 levels.

Bitcoin price found support near $71,200 and started a fresh increase. BTC gained pace for a move above the $72,500 and $73,200 resistance levels.

The bulls even pushed the price above the key level at $75,000. A high was formed at $76,088, and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $70,518 swing low to the $76,088 high.

Bitcoin is now trading above $74,200 and the 100 hourly simple moving average. There is also a declining channel forming with resistance at $75,200 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 $75,200 level. A close above the $75,200 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 $75,200 resistance zone, it could start another decline. Immediate support is near the $73,950 level. The first major support is near the $73,300 level.

The next support is now near the $72,650 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 $72,000 support in the near term. The main support now sits at $71,850, 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 – $73,950, followed by $72,650.

Major Resistance Levels – $75,200 and $76,000.