Aayush Jindal
Key Highlights
- Bitcoin started a fresh surge above $68,800 and $72,000.
- The bulls could now face hurdles near $75,500 on the 4-hour chart of BTC/USD.
- Ethereum gained pace and settled above $2,250.
- EUR/USD extended gains and traded above 1.1650.
Bitcoin Price Technical Analysis
Bitcoin price formed a base above $62,000 and started a fresh rally against the US Dollar but failed. BTC gained pace for a move above hurdles at $66,650 and $70,000.
Looking at the 4-hour chart, the price even settled above $72,000, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). It gained over 20% in two days and tested the $75,500 resistance.
A high was formed at $75,716 on TitanFX, and the price is now consolidating. If there is a downside correction, the price might find bids near $73,500.
The first major support might be $72,500. A downside break and close below $72,500 could trigger a sharp decline. In the stated scenario, the price could test $70,500 or even $70,000.
On the upside, an immediate resistance could be $75,500. The first major resistance might be $76,200. The main resistance might be $76,800. A close above $76,800 could send the price toward $78,500. Any further gain might call for a test of $80,000.
Looking at Ethereum, the price rallied over 20%, tested $2,375, and might see technical correction in the near term.
Today’s Key Economic Releases
- US S&P Global Manufacturing PMI for August 2026 (Preliminary) – Forecast 53.8, versus 53.9 previous.
- US S&P Global Services PMI for August 2026 (Preliminary) – Forecast 54.0, versus 54.6 previous.
