Bitcoin’s price jumped over $70,000 and gained more than 8%. BTC has now consolidated gains, and is showing more signs of upsides over the short term.
- Bitcoin began a new increase over the $70,000 zone of resistance.
- Price is above the Simple Moving Average of 100 hours and $79,000.
- The hourly BTC/USD chart shows a connective bullish line with a resistance at $71,500 (data feed by Kraken).
- If the bears don’t push it down below $68,800, then they could begin another rise.
Bitcoin price increases by 8%
Bitcoin’s price is now above $66,500. BTC began a fresh increase Ethereum has risen above the $3,200 resistance level and is now above $68,000.
The price moved strongly above the resistance level of $70,000. Price gained more than 8%, and it even reached the resistance level of $72,000. The price has now reached a new high of $71,896.
Bitcoin is also trading above $79,000 and the Fib retracement of the upward movement from the swing low $66,047 to the high $71,896. Bitcoin has also traded above $79,000. 100 hourly Simple moving average. A bullish trendline is also developing with support of $71,500 at the hourly BTC/USD chart.
Price is facing resistance now near $71,850. The $72,000 level could be the first significant resistance. The first major resistance could be $72,000. next The key resistance might be $72,500. The price could move higher if it clears the resistance of $72,500. Price could test $73,200 in this case.
Price could reach $74,400 as long as bulls are in control. BTC may reach $75,000 if the bulls continue to gain.
Do Dips Only Come In BTC?
Bitcoin could begin a correction to the downside if it fails to rise above $72,000. The $70,500 and trendline are the immediate support levels on the downside.
First major support at $70,000. Main support now forms near $68,850, or 50% Fib level of upward movement from $66,047 swing-low to $71,896. In the short term, any further losses could send the price towards the $67450 support area.
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 70 level.
Major Support Levels – $70,500, followed by $70,000.
Major Resistance Levels – $71,850, $72,000, and $72,500.
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Source: www.newsbtc.com