Bitcoin is rising above $71,200. BTC shows positive signs, and could soon surpass $72,500.
- Bitcoin has climbed above the $69500 and $70,000 levels of resistance.
- Price is above $70,00 and 100-hour Simple Moving Average.
- The hourly BTC/USD chart shows a bullish line with a support level near $70,005 (data provided by Kraken).
- If the pair clears $72,500, it could move higher.
Bitcoin Price Regains Momentum
The Bitcoin price began a steady increase over the previous week. $68,500 resistance zone. BTC has cleared resistance levels of $69,500 $70,000 to enter a zone that is positive.
Even the resistance level of $71,200 was broken. The price has corrected gains after a high formed at the level of $72,609. The price moved below the $72,000 mark. Price corrected below the Fib 23.6% retracement of the ascending wave from the swing low at $68,954 to the high at $72,609.
Bitcoin now trades above $70,00 and 100 hourly Simple moving average. On the hourly BTC/USD chart, a bullish trendline is forming. It has a support level near $71,750. This trendline is near the Fib 50% retracement of the ascending wave between the swing low at $68,954 and the high at $72,609.
Near $72,000 is the immediate level of resistance. First major resistance may be at $72,500. The first major resistance could be $72,500. next The resistance is now at $72,800. The price may start to rise again if there is an upward movement above the resistance level of $72,800.
Source: BTCUSD on TradingView.com
If the above scenario is true, then the cost could reach $73,500. The next The $74,000 resistance zone is a major area of concern. Bitcoin could reach the $75k resistance level in the short term if it gains more.
Are Dips Supported In BTC?
Bitcoin may continue its downward trend if it does not rise above $72,000. Support for Bitcoin’s downside near $70.7500 or the trendline is immediate.
The initial major contribution is $70,00350. The first major support is $70,350. next Support is at $70,000. Price could drop to $68,500 if the close is below $70,000. In the short term, any further losses could send the price towards the support zone of $67.500.
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 near the 50 level.
Major Support Levels – $70,750, followed by $70,000.
Major Resistance Levels – $72,000, $72,500, and $73,500.
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