Bitcoin Eyes ₱4,506,372 ($75,000) After Clearing ₱4,476,329 ($74,500) Resistance
Whale accumulation of 27,652 BTC in a single day recently pushed total holdings to 4.25 million BTC. Bitcoin now trades above $74,000 with immediate resistance at $75,000.
Key Takeaway
Bitcoin needs to hold $73,650 support and break $75,000 to confirm continuation toward $77,500.
Bitcoin cleared the $74,500 resistance zone and now trades above $74,000, according to data from Kraken's BTC/USD pair. The move puts immediate resistance at $75,000, with first key resistance at $75,500.
A declining channel formed on the hourly chart with resistance at $75,000. If Bitcoin breaks above that level, the price could test $76,000 resistance before potentially reaching $77,500. The next major barrier sits at $78,000.
Technical indicators show bullish momentum building. The hourly MACD is gaining pace in bullish zone while the RSI trades above 50. Bitcoin also holds above its 100-hour simple moving average, though the price dipped below the 38.2% Fibonacci retracement level before recovering.
Whales accumulated 27,652 BTC in a single day recently, pushing total holdings to 4.25 million BTC. That buying pressure helped Bitcoin hold above $70,000 since early 2026, with miners also shifting to accumulation mode during the same period.
Support levels sit near $74,250, with first major support at $73,650. The 50% Fibonacci retracement level provides support near $73,300, while additional support exists toward $72,650. The main support zone rests at $72,000, referenced against the last swing low of $70,518.
Standard Chartered predicts Bitcoin could reach $150,000 by year-end 2026, while JPMorgan's Fibonacci model projects a long-term target of $240,000.
This article was written based on reporting from NewsBTC.
