Exciting Bitcoin Price Movement
Bitcoin has experienced a notable price surge, breaking above key resistance levels and hitting a new weekly high. The cryptocurrency’s value has risen by over 8%, reaching a high of $71,896. This surge comes after Ethereum also saw a significant rally, surpassing $3,200. As Bitcoin continues to consolidate its gains, traders are closely watching for further price movements.
Bitcoin Price Pumps 8%
After finding support above $66,500, Bitcoin initiated a fresh uptrend by breaking through the $68,000 resistance level. The momentum continued, propelling the price above $70,000 and ultimately testing the $72,000 resistance zone.
Currently, Bitcoin is trading above $79,000, comfortably positioned above the 100-hourly Simple Moving Average. Additionally, a bullish trend line is forming on the hourly chart, with support at $70,500 for the BTC/USD pair.
- The price surged over 8%, reaching $71,896.
- Bitcoin is consolidating its gains above key support levels.
- A bullish trend line is forming with support at $70,500.
Resistance is anticipated near the $71,850 level, with further barriers at $72,000 and $72,500. A decisive breakthrough above $72,500 could trigger additional upside movement, potentially targeting the $73,200 resistance level.
If bullish momentum persists, Bitcoin may aim for the $74,400 resistance zone, with further gains potentially pushing the price towards $75,000.
Are Dips Limited In BTC?
In the event that Bitcoin struggles to breach the $72,000 resistance, a downside correction could ensue. Immediate support is expected around $70,500, reinforced by the bullish trend line.
Should a correction occur, key support levels to watch include $70,000 and $68,850. The latter coincides with the 50% Fibonacci retracement level of the recent upward move from $66,047 to $71,896. Further downside may lead Bitcoin towards the $67,450 support zone.
Technical Indicators
- Hourly MACD – Indicates a bullish trend gaining momentum
- Hourly RSI – Shows BTC/USD in overbought territory above 70
- Major Support Levels – $70,500, followed by $70,000
- Major Resistance Levels – $71,850, $72,000, $72,500
As Bitcoin’s price dynamics continue to unfold, traders are keeping a close eye on key support and resistance levels, assessing potential scenarios for the cryptocurrency’s next moves.
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