As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I find myself standing on the precipice of yet another potential milestone in Bitcoin’s extraordinary odyssey. With my eyes firmly fixed on the $76,500 resistance zone, I see this as an opportunity to further bolster my BTC holdings. The bullish trend line and support at $75,250 serve as reassuring pillars that instill confidence in this upward trajectory.
The cost of Bitcoin is accelerating beyond $74,000. At present, Bitcoin is being traded in a positive trend and could potentially surge past its current resistance level of $76,500.
- Bitcoin started a fresh surge above the $73,500 zone.
- The price is trading above $73,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $75,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise above the $76,000 resistance zone.
Bitcoin Price Extends Rally
The cost of one Bitcoin has taken off again, surpassing the $73,500 barrier and even exceeding the previous resistance level at $75,000 to reach a new record peak of $76,457. At the moment, it is stabilizing after its upward movement.
The cost briefly dropped under the $76,000 threshold, falling short of the 23.6% Fibonacci retracement mark established by the price increase from the $72,747 trough to the $76,457 peak. Despite this, it remains in a favorable range above the $73,500 point.
Currently, Bitcoin’s price is surpassing $74,000 and aligning with its 100-hour Simple Moving Average. Additionally, a bullish trend line is developing, offering support around $75,250 on the hourly BTC/USD chart.
On the positive side, there may be a barrier to further price increase around $75,800. Initially, a significant resistance can be seen near $76,000. A decisive break above this $76,000 barrier could potentially push prices upwards. The next notable resistance might emerge at $76,500.
If the price breaks through the $76,500 barrier, it could potentially lead to further increases. In this scenario, we may see the price moving up and challenging the $78,000 resistance point. Any additional gains might push the price higher still, possibly towards the $78,800 resistance level.
Are Dips Supported In BTC?
If Bitcoin doesn’t manage to break through the $76,000 barrier, it might keep falling instead. The nearest potential floor for this drop lies around the $75,250 mark and the trendline.
The primary level of resistance can be found around $74,150 or the 61.8% Fibonacci retracement point during the upward trend from the $72,747 low to the $76,457 high. Next, a potential support lies within the $73,500 region. Further losses might cause the price to approach the nearby $72,000 support level in the short 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 – $75,250, followed by $74,150.
Major Resistance Levels – $76,000, and $76,500.
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2024-11-07 05:46