Bitcoin Price Eyes Fresh Upside, Traders Watch For Breakout Move

The pair might gain bullish momentum if it settles above the 76,500 zone. Bitcoin Price Aims Higher Bitcoin price extended losses below the 75,500 support zone. BTC even spiked below 74,000 before the bulls appeared. A low was formed at 73,637, and the price is now attempting to recover. There was a move above the 74,500 and 75,000 levels. There was a break above a bearish trend line with resistance at 75,200 on the hourly chart of the BTC/USD pair. The pair even surpassed the 50 Fib retracement level of the downward move from the 78,344 swing high to the 73,637 low. Bitcoin is now trading above 75,000 and the 100 hourly simple moving average. If the price remains stable above 75,000, it could attempt a fresh increase. Immediate resistance is near the 76,500 level and the 61.8 Fib retracement level of the downward move from the 78,344 swing high to the 73,637 low. The first key resistance is near the 77,250 level. A close above the 77,250 resistance might send the price further higher. In the stated case, the price could rise and test the 78,000 resistance. Any more gains might send the price toward the 78,500 level. The next barrier for the bulls could be 80,000. Another Decline In BTC? If Bitcoin fails to rise above the 76,500 resistance zone, it could start another decline. Immediate support is near the 75,400 level. The first major support is near the 75,000 level. The next support is now near the 74,250 zone. Any more losses might send the price toward the 73,650 support in the near term. The main support now sits at 72,000, 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 moving lower toward the 50 level. Major Support Levels – 75,000, followed by 74,250. Major Resistance Levels – 76,500 and 77,250.