Bitcoin Holds Above ₱4,435,721 ($74,200) After Hitting ₱4,543,207 ($75,998) High
Bitcoin bounced from a swing low of $70,293 and climbed to $75,998, consolidating around the 23.6% Fibonacci retracement level. The Relative Strength Index climbed back above 50, signaling potential for another leg up.
Key Takeaway
Bitcoin holds above $74,200 with clear path to $80,000 if $76,000 resistance breaks.
Bitcoin bounced from a swing low of $70,293 and climbed to $75,998, consolidating around the 23.6% Fibonacci retracement level. Traders watching the Kraken BTC/USD pair spotted the bounce, with the Relative Strength Index climbing back above the 50 level.
The rally faces immediate resistance at $76,000. A breakout above $76,000 could push Bitcoin toward $76,800, with the path to $78,000 and $80,000 opening up if momentum holds. The price is trading above the 100-hour simple moving average, indicating bulls remain in control.
Support levels stack up below current prices. The $73,200 level marks the 50% Fibonacci retracement, with deeper support at $72,000 and $71,200. A bullish trend line sits at $71,650, with $70,000 acting as a psychological floor.
Bitcoin's broader rally gained steam from the SEC's approval of 10 spot Bitcoin ETFs in January 2024, opening institutional access to direct Bitcoin exposure. Billions have flowed into these products since launch.
Bitcoin needs to clear the $75,500 resistance before targeting higher levels, with the RSI reading at 50 suggesting room for another leg up before overbought conditions emerge.
This article was written based on reporting from NewsBTC.
