The bitcoin price hopes to make more gains over the resistance of $73,000. BTC looks set to move towards the $75,000 barrier in the short term.
- Bitcoin’s price has been showing signs of growth and is aiming for gains over $73,000.
- Price is above the Simple Moving Average of 100 hours and $72,500.
- The hourly BTC/USD chart shows a connective bullish trendline with a support of $72,800. (Data feed by Kraken).
- If the pair clears resistance levels of $73,450 or $73,500, it could move higher.
Bitcoin Price sets New ATH
Bitcoin prices remained above the $72,000 mark. BTC started to form a base. fresh increase The price broke through the resistance of $72,500. Price even broke through the $73,000 barrier.
Before a correction to the downside, it reached a new high of $73,500. It fell below levels of $72,500 and $73,000. The price has risen again after a low near $71,725 was reached. The price moved above $73,000.
Bitcoin has now reached a price of $72,500. 100 hourly Simple moving average. This trade is above the 50 percent Fib level of retracement for the uptrend from the low swing price of $71,725 and the high at $73,485
Source: BTCUSD on TradingView.com
The immediate resistance level is around $73,200. There is immediate resistance near the $73,200 level. next The key resistance level could be $73,500. Above this, the price may rise towards the resistance zone of $74,200. The price may even try to break through the resistance of $75,000 if the move is clear above the resistance zone $74,200. If the price gains any more, it could move towards the $76,500 mark.
BTC: Another Downside Correction?
Bitcoin could begin a correction to the downside if it fails to break through $73,500. On the downside, immediate support is located near the $72,800 and trend line.
The $72,150 level or 76.4% of Fib is the first significant support. This represents the upward movement from the swing-low $71,725 up to the $73,485 peak. Price could begin a good pullback if it closes below $72,150. If the price continues to fall, it could move towards the support area of $68,500.
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 – $72,800, followed by $72,150.
Major Resistance Levels – $73,200, $73,500, and $75,000.
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