Key Takeaways:
Bitcoin rallied over 5% and traded to a new all-time high at $74,815. BTC/USD is facing hurdles near a key rising channel with resistance at $74,800 on the daily chart. The price could correct some gains before it starts another increase.Bitcoin price is up over 5% and trading above $74,000. BTC reached a new all-time high and might aim for more upsides above $75,000.
Bitcoin Price Reaches New ATH
In the past few days, Bitcoin price saw mostly bullish moves above the $65,000 resistance zone. BTC even cleared the $70,000 resistance zone to move into a positive zone. There was a clear move above the 76.4% Fib retracement level of the downward move from the $73,525 swing high to the $66,880 low.
Finally, it cleared the $73,500 resistance and reached a new record high at $74,815 (as discussed in the last technical analysis). The price is now showing many signs of strength above the $73,500 level and the 50-day simple moving average (blue).
Bitcoin price daily chart | Source: BTC/USD on TradingView.comBitcoin price is now facing hurdles near a key rising channel with resistance at $74,800 on the daily chart. A clear move above the channel resistance and $75,000 could spark more upsides.
The first major resistance is seen near the $76,500 level. The next stop BTC price could be the $77,650 zone. It is close to the 1.618 Fib extension level of the downward move from the $73,525 swing high to the $66,880 low.
A daily close above the $77,650 resistance zone could set the pace for a move toward the $80,000 zone. In the stated case, the bulls might even push the price toward the $82,000 level.
Another Pullback In BTC?
Conversely, Bitcoin price might struggle near $74,750 or $75,000 and start a downside correction. Immediate support on the downside is near the $73,500 level.
The first major support is near the $72,000 level. The main support is now near the $69,400 level. A downside break below the $69,400 level could send the price toward the channel support at $66,000 and the 50-day simple moving average (blue).
A downside break below the $66,000 support zone could spark bearish moves. In the stated case, the price might decline toward the $62,500 zone. Any more losses could open the doors for a move toward the $60,000 support zone.
Overall, Bitcoin is gaining bullish momentum above $73,500. It seems like BTC could soon clear $75,000 and continue higher in the near term.
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