Bitcoin Price Smashes $74K Barrier, Rally Gains Strong Traction

The pair might extend gains if it stays above the 73,800 and 72,750 levels. Bitcoin Price Surges Nearly 5 Bitcoin price found support near 70,500 and started a fresh increase. BTC gained pace for a move above the 72,000 and 72,500 resistance levels. The bulls even pushed the price above the key level at 74,000. A high was formed at 74,966, and the price is now consolidating gains above the 23.6 Fib retracement level of the upward move from the 70,517 swing low to the 74,966 high. Bitcoin is now trading above 74,000 and the 100 hourly simple moving average. There is also a steep bullish trend line forming with support at 73,800 on the hourly chart of the BTC/USD pair. If the price remains stable above 74,000, it could attempt a fresh increase. Immediate resistance is near the 74,800 level. The first key resistance is near the 75,000 level. A close above the 75,000 resistance might send the price further higher. In the stated case, the price could rise and test the 76,500 resistance. Any more gains might send the price toward the 77,200 level. The next barrier for the bulls could be 78,000. Downside Correction In BTC? If Bitcoin fails to rise above the 75,000 resistance zone, it could start another decline. Immediate support is near the 73,800 level and the trend line. The first major support is near the 73,250 level. The next support is now near the 72,750 zone or the 50 Fib retracement level of the upward move from the 70,517 swing low to the 74,966 high. Any more losses might send the price toward the 72,200 support in the near term. The main support now sits at 71,500, below which BTC might struggle to recover in the near 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 – 73,800, followed by 72,750. Major Resistance Levels – 75,000 and 76,500.