Bitcoin Price Reaches New All-Time Highs, Testing $73,000 Zone
The price of Bitcoin continues to rise, reaching new all-time highs and testing the $73,000 zone. This surge in price is accompanied by trading above $71,500 and the 100 hourly Simple Moving Average (SMA). A connecting bullish trend line has also formed with support at $71,300 on the BTC/USD pair’s hourly chart.
- Bitcoin price extends its increase and tests the $73,000 zone.
- The price is trading above $71,500 and the 100 hourly SMA.
- A connecting bullish trend line forms with support at $71,300 on the BTC/USD pair’s hourly chart.
- If it clears the $72,850 and $73,000 resistance levels, the pair could continue to move up.
Bitcoin Price Sets New ATH
The price of Bitcoin has remained stable above the $70,000 level and has gained momentum to extend its increase beyond the $72,500 level. It even spiked above the $72,850 resistance level; however, the upsides were limited.
Reaching a new all-time high at $73,000, there was subsequently a downside correction. The price dipped below the $72,000 and $71,500 levels before finding support near $68,660. Currently, the price is once again rising and has moved above the $71,000 level.
In addition to this upward movement, the price has cleared the 50% Fibonacci retracement level of the downward move from its swing high at $73,000 to its low at $68,660. Furthermore, a connecting bullish trend line has formed with support at $71,300 on the BTC/USD pair’s hourly chart.
Bitcoin is currently trading above $71,500 and the 100 hourly SMA. The immediate resistance lies near the $72,000 level, as well as the 76.4% Fibonacci retracement level of the downward move from its swing high at $73,000 to its low at $68,660.
The next key resistance could be found at $72,850, and if surpassed, the price may rise towards the $73,000 resistance zone. If there is a clear move above this zone, Bitcoin could potentially attempt a move above the $74,000 resistance zone. Further gains might even propel the price towards the $75,000 level.
Another Downside Correction In BTC?
In the event that Bitcoin fails to rise above the $72,000 resistance zone, it could initiate a downside correction. Immediate support on the downside can be found near the $71,300 level and the trend line.
The first major support lies at $70,000 or the 100 hourly SMA. Should Bitcoin close below this level, it may experience a decent pullback towards the $68,650 level. Any further losses could potentially send the price towards the $66,500 support zone.
Technical Indicators
A couple of technical indicators suggest potential movements in Bitcoin’s price:
- Hourly MACD: The MACD is gaining pace in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level.
These indicators hint at possible further upward movement for Bitcoin’s price.
Disclaimer: This article is not financial advice. The information provided in this article is for educational and informational purposes only and should not be considered as professional financial advice or investment advice. Always do your own research and consult with a professional financial advisor before making any investment decisions.
Hot Take: Bitcoin Price Surges to New Highs, Testing $73,000 Zone
The price of Bitcoin continues its upward trajectory, reaching new all-time highs and testing the $73,000 zone. With support at $71,300 and the presence of a connecting bullish trend line, Bitcoin has the potential to continue its ascent if it surpasses the $72,850 and $73,000 resistance levels. However, a downside correction may occur if the price fails to rise above the $72,000 resistance zone.
By
By
By