Bitcoin Price Continues to Soar Above $70,000 Resistance
Bitcoin has shown significant strength as it continues to climb above key resistance levels. The cryptocurrency surpassed $70,000 and $70,500, signaling a bullish trend in the market. This surge has placed Bitcoin in a positive zone, with the potential for further gains if it breaks past the $72,000 level.
- Bitcoin extended its increase above the $70,000 and $70,500 resistance levels.
- The price is trading above $70,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $70,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it settles above the $72,000 level.
Bitcoin Price Regains Strength
Bitcoin’s price stability above $69,500 has allowed it to make steady gains. The cryptocurrency successfully broke through the $70,000 and $70,200 levels, reaching as high as $71,682. This upward momentum has enabled Bitcoin to hold above key support levels, indicating a strong market sentiment.
At present, Bitcoin is trading above $70,500 and the 100 hourly Simple Moving Average. Additionally, a bullish trend line has formed with support at $70,600 on the hourly chart of the BTC/USD pair, pointing towards further upside potential for the cryptocurrency.
Despite facing resistance near $71,400, Bitcoin has shown resilience in holding its gains. The next major resistance levels to watch are $71,650 and $72,000. Breaking above the $72,000 resistance could pave the way for a significant price surge, potentially targeting the $73,200 and $75,000 levels.
Are Dips Limited In BTC?
Should Bitcoin struggle to break above the $71,400 resistance, a corrective move could be underway. Immediate support is seen at $70,600 and the key trend line, followed by significant support at $70,000. Further downside movement might test the $69,500 level or the 50% Fibonacci retracement level.
Technical indicators reveal that the hourly MACD is losing momentum in the bullish region, while the hourly RSI for BTC/USD remains above the 50 level. Key support levels to monitor are $70,600 and $70,000, with major resistance levels at $71,600 and $72,000.
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