Bitcoin’s price was found to be stable near $67,000. BTC has started to increase again and could soon return to the $72,500 zone of resistance in the short term.
- Bitcoin tested the support level of $67,500 before it began a new increase.
- Price is above $70,00 and 100-hour Simple Moving Average.
- On the hourly chart for the BTC/USD, there was a breakout above the key trendline with resistance of $69600 (data from Kraken).
- If the pair clears $71,400, it could start to gain momentum.
Bitcoin Price Supported
Price of Bitcoin another decline BTC even fell below the $68,500 level. BTC plunged even below the $68,500 mark after US CPI rose more than anticipated. Bulls are active around the support level of $67,500.
At $67,500 a low formed and the price began a new increase. A move was made above $69200 and $69500 resistance levels. Price cleared 50% Fib of the decline from $72,597 swing low to $67,500.
The hourly chart for the BTC/USD showed a breaking above a bearish trendline that had resistance at $69,000. Bitcoin is currently trading above $70,000, and the USD/BTC pair has also risen. 100 hourly Simple moving average.
The immediate resistance level is around the level of $71,400 or the level where the Fib retracement equals 76.4% for the decline from the swing high $72,597 to the low $67,500. First major resistance might be at $72,500. The first major resistance could be $72,500. next Resistance is currently at $72,800. Price could move higher if the zone of resistance at $72,800 is clearly broken.
Source: BTCUSD on TradingView.com
If the above scenario is true, then the cost could reach $73,200. The price could rise to $73,200 in the case stated. next Major resistance lies near $73,500. Bitcoin’s gains could push it towards the $75,000 zone of resistance in the near future.
BTC to decline again?
Bitcoin’s next decline could be triggered if the price fails to climb above $71,400. The $70,000 and 100-hourly SMA levels provide immediate support for the price on the downside.
First major support at $69,200. A close below $69200 could trigger a price drop towards $68,500. If the price continues to drop, it could soon reach the support area of $67.500.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $70,000, followed by $69,200.
Major Resistance Levels – $71,400, $72,500, and $73,500.
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