As a seasoned analyst with over a decade of experience in the financial markets, I have seen my fair share of market volatility and trends. The current surge in Bitcoin’s price above $75,000 is reminiscent of the tech bubble of 1999 or the dot-com boom, but with a twist of its own.
As a researcher, I’m observing an upward trend in Bitcoin‘s price, currently surging above $75,000. The digital currency appears to be on an upward trajectory and could potentially breach the $77,000 resistance level in the near future.
- Bitcoin started a fresh surge above the $74,500 zone.
- The price is trading above $74,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $75,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $76,200 resistance zone.
Bitcoin Price Sets Another ATH
The cost of one Bitcoin surged past the $74,500 mark, breaking through the previous resistance at $75,000 and reaching an unprecedented peak of $76,937. Currently, it’s holding its ground as it consolidates its recent gains.
As an analyst, I observed a slight dip in value dropping below the $76,200 mark, which incidentally falls beneath the 23.6% Fibonacci retracement level derived from our upward trend spanning from the $72,745 swing low to the $76,937 peak. Despite this dip, it’s important to note that we remain in a favorable zone, with the price holding steady above the significant $75,000 threshold.
Currently, the Bitcoin price exceeds $75,200 and aligns with its 100-hour Simple Moving Average. Additionally, a potential bullish trend line is emerging, offering support at approximately $75,450 on the hourly BTC/USD chart.
As a researcher, I’ve identified some potential hurdles for the price movement. Notably, it seems to encounter a significant resistance level around $76,200. If we manage to surpass this initial barrier, there’s a strong possibility that the price could ascend further. The next notable resistance, which might prove equally challenging, appears to be at approximately $78,000.
If the price surpasses the $78,000 barrier, it may trigger further increases. In this scenario, the price might ascend and challenge the $78,800 resistance point. Any additional gains could potentially push the price towards the $79,450 resistance level.
Are Dips Limited In BTC?
Should Bitcoin struggle to breach the $76,200 barrier, there’s a possibility it might descend further. The nearest potential support can be found at approximately $75,450, along with the trendline.
The primary resistance point is approximately at $74,350 or the 61.8% Fibonacci retracement point of the price increase from $72,745 low to $76,937 high. Following this, potential support can be found around the $73,750 area. If the price continues to fall, it could head towards the near-term support at $72,200.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $75,450, followed by $74,350.
Major Resistance Levels – $76,000, and $76,200.
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2024-11-08 05:46