Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Bitcoin Price Advances Again: Can Bulls Push It Even Higher?

Bitcoin Price Advances Again: Can Bulls Push It Even Higher?

Newsbtc2024/11/08 07:33
By: Aayush Jindal
BTC-0.51%ATH+6.76%

Bitcoin price is gaining pace above $75,000. BTC is rising and might aim for a move above the $77,000 resistance zone in the near term.

  • Bitcoin started a fresh surge above the $74,500 zone.
  • The price is trading above $74,000 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $75,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise above the $76,200 resistance zone.

Bitcoin Price Sets Another ATH

Bitcoin price started a fresh increase above the $74,500 level. BTC cleared the $75,000 resistance and traded to a new all-time high. It posted a high at $76,937 and is currently consolidating gains.

There was a minor decline below the $76,200 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $72,745 swing low to the $76,937 high. However, the price is still in a positive zone above the $75,000 level.

Bitcoin price is now trading above $75,200 and the 100 hourly Simple moving average . There is also a connecting bullish trend line forming with support at $75,450 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $76,000 level. The first key resistance is near the $76,200 level. A clear move above the $76,200 resistance might send the price higher. The next key resistance could be $78,000.

Source: BTCUSD on TradingView.com

A close above the $78,000 resistance might initiate more gains. In the stated case, the price could rise and test the $78,800 resistance level. Any more gains might send the price toward the $79,450 resistance level.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $76,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $75,450 level and the trend line.

The first major support is near the $74,350 level or the 61.8% Fib retracement level of the upward move from the $72,745 swing low to the $76,937 high. The next support is now near the $73,750 zone. Any more losses might send the price toward the $72,200 support 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 – $75,450, followed by $74,350.

Major Resistance Levels – $76,000, and $76,200.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!
Bitget Announcement2025/09/12 07:46
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
New spot margin trading pair — LINEA/USDT!
Bitget Announcement2025/09/11 10:04

Trending news

More
1
New spot margin trading pair — HOLO/USDT!
2
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,405.21
-0.35%
Ethereum
Ethereum
ETH
$4,596.17
-1.29%
XRP
XRP
XRP
$3.04
-3.19%
Tether USDt
Tether USDt
USDT
$1
-0.02%
Solana
Solana
SOL
$244.56
+2.16%
BNB
BNB
BNB
$926.84
-1.10%
USDC
USDC
USDC
$0.9996
-0.02%
Dogecoin
Dogecoin
DOGE
$0.2757
-7.83%
TRON
TRON
TRX
$0.3476
-0.70%
Cardano
Cardano
ADA
$0.8884
-5.57%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter