The bitcoin price began another upward trend above the resistance of $70,000. BTC has cleared $72,000, and the bulls are now aiming to move towards $75,000.
- Bitcoin’s price has started to rise again above $70,000 and $71,000.
- Above $71,500 is the simple moving average of 100-hour trading price.
- On the hourly BTC/USD chart, there is a contracting triangle with resistance around $72,500 (data from Kraken).
- If the pair clears resistance levels of $72,500 or $72,850, it could move higher.
Bitcoin price sets new ATH
Bitcoin prices remained steady above the $68,000 mark. BTC has formed a base of support and started to a fresh increase above the $70,000 resistance. Bulls drove the price up above $72,000.
Price traded at a new high of $72,866. The price is consolidating near the Fib 23.6% retracement of the move upward from the swing low $67,666 to the high $72,866. A short-term triangle with resistance of $72,500 is also developing on the hourly BTC/USD.
Bitcoin has now reached a price of $72,000. 100 hourly Simple moving average. The triangle area and $72,500 are the immediate resistance levels. The triangle zone is the immediate area of resistance. next The key resistance level could be $72,850. If it is exceeded, prices could move towards the $73,500 zone.
Source: BTCUSD on TradingView.com
Price could attempt to move over the $74,000 zone if there’s a clear break above the $73,500 zone. Any further gains could send the price towards $75,000.
Downside Correction In BTC?
Bitcoin could begin a correction to the downside if it fails to break through $72,500. The $72,000 area is the immediate support for the downside.
First, the major level is $72,000 or 50% of the Fib Retracement Level. This represents the move upwards from the swing low at $67.666 to the high price of $72,866. Price could begin a good pullback if it closes below the $70,000 level. If the price continues to fall, it could move towards the $66,600 level of support.
Indicators of 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 – $72,000, followed by $70,000.
Major Resistance Levels – $72,500, $72,850, and $73,500.
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