Bitcoin’s price continues to rise above $70,000. BTC has now shown positive signs. It could aim for an increase above $73,000.
- Bitcoin prices continued their increase, testing the $73,000 area.
- Price is above the Simple Moving Average of 100 hours and $71,500.
- On the BTC/USD hourly chart, there is a bullish line connecting with a support of $71,300 (data from Kraken).
- It is possible that the pair will continue moving up, if they clear resistance levels at $72,850 and 73,000.
Bitcoin Price sets New ATH
Bitcoin’s price was stable at $70,000. BTC increased in speed and was able extend its rise above $72,500. The price even spiked over the $72,500 level. $72,850 resistance But the benefits were not unlimited.
Before a correction to the downside, the price reached a new high of $73,000. The price dropped beneath the levels of $71,500 and 72,000. The price has risen again after a low near $68,660. The price moved above $71,000.
Price cleared 50% of Fib’s retracement levels for the decline from $73,000 swing low to $68,660. On the hourly BTC/USD chart, a bullish trendline is also developing with support located at $71,300.
Bitcoin now trades above $71,500 100 hourly Simple moving average. The immediate resistance level is around $72,000 and the Fib level of 76.4% retracement from the decline between the swing high at $73,000 to the low at $68,660.
Source: BTCUSD on TradingView.com
You can also find out more about the following: next Above $72,850 the price may rise to the resistance zone of $73,000. Price could attempt to move over the $74,000 zone if there’s a strong move beyond the $73,000 zone. If the price gains any more, it could move towards the $75,000 mark.
BTC: Another Downside Correction?
Bitcoin may start to correct downwards if the resistance level of $72,000 is not overcome. On the downside, immediate support is located near the level of $71,300 and the trendline.
The 100 hourly SMA is the first significant support. Price could begin a good pullback if it closes below $70,000. In the event of any further losses, the price could be sent towards the $66,500 zone.
The following are 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 – $71,300, followed by $70,000.
Major Resistance Levels – $72,000, $72,850, and $73,000.
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