Bitcoin Price Rangebound After Surge — Breakout Momentum Building?
Bitcoin price started a strong increase and traded above the $75,500 zone. BTC is now consolidating and might aim for more gains if it clears $76,000. If the price remains stable above $72,000, 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 $76,200 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 $75,000 resistance zone, it could start another decline. Immediate support is near the $73,800 level. The first major support is near the $73,150 level or the 50% Fib retracement level of the recent upward move from the $70,292 swing low to the $75,998 high. The next support is now near the $72,000 zone and the trend line. Any more losses might send the price toward the $71,650 support in the near term. The main support now sits at $71,200, below which BTC might struggle to recover in the near term. 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 – $73,800, followed by $73,150. Major Resistance Levels – $75,000 and $76,200.Downside Extension In BTC?
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