Bitcoin (BTC) Price Reaches New All-Time High Above $74,000, Might Aim for More Upsides

Bitcoin price is up over 5% and trading above $74,000. BTC reached a new all-time high and might aim for more upsides above $75,000.

Bitcoin price showed a solid recovery above the $73,500 resistance and reached a new record high at $74,815. BTC is now gaining bullish momentum above $73,500, and it seems like the coin could soon clear $75,000 and continue higher.

Bitcoin Price New All-Time High

After a strong rally from the $60,000 zone, Bitcoin price closed above the pivotal $70,000 resistance on November 26. BTC even surged past the $72,000 resistance to trade in a positive zone.

There was a clear move above the 76.4% Fib retracement level of the downward move from the $73,525 swing high to the $66,880 low. Finally, it cleared the $73,500 resistance and reached a new record high at $74,815 (as discussed in the last technical analysis).

The price is now showing many signs of strength above the $73,500 level and the 50-day simple moving average (blue).

Bitcoin price is now facing hurdles near a key rising channel with resistance at $74,800 on the daily chart. A clear move above the channel resistance and $75,000 could spark more upsides.

The first major resistance is seen near the $76,500 level. The next stop BTC price could be the $77,650 zone. It is close to the 1.618 Fib extension level of the downward move from the $73,525 swing high to the $66,880 low.

A daily close above the $77,650 resistance zone could set the pace for a move toward the $80,000 zone. In the stated case, the bulls might even push the price toward the $82,000 level.

Another Pullback In BTC?

Conversely, Bitcoin price might struggle near $74,750 or $75,000 and start a downside correction. Immediate support on the downside is near the $73,500 level.

The first major support is now near the $72,000 level. The main support is now near the $69,400 level. A downside break below the $69,400 level could send the price toward the channel support at $66,000 and the 50-day simple moving average (blue).

A downside break below the $66,000 support zone could spark bearish moves. In the stated case, the price might decline toward the $62,500 zone. Any more losses could open the doors for a move toward the $60,000 support zone.

Overall, Bitcoin is gaining bullish momentum above $73,500. It seems like BTC could soon clear $75,000 and continue higher in the near term.

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