Bitcoin Primed for a Move Toward $70,000
Bitcoin has established a solid base above the $65,500 mark and has shown signs of bullish momentum by surpassing key resistance levels.
The cryptocurrency broke through the $66,800 and $67,500 levels, indicating a positive trend. Bulls further propelled the price past the $68,000 resistance mark, signaling a potential upward move.
Notably, a crucial bearish trend line was breached with resistance at $68,200 on the hourly BTC/USD chart, setting the stage for a potential rally towards the $70,000 and $70,800 levels in the near future.
Bitcoin’s Potential Path to $70,000
After reclaiming levels above $68,000, Bitcoin is currently trading comfortably above $68,500 and the 100-hourly Simple Moving Average (SMA).
If the uptrend persists, the next obstacle could be around the $69,800 level. However, a more significant hurdle awaits at $70,000, representing the 1.236 Fibonacci extension level from the recent swing high to low.
A clear breakthrough above the $70,000 resistance barrier could pave the way for further gains in the upcoming trading sessions, with the possibility of testing the $70,800 and $71,200 thresholds.
In a bullish scenario, breaching the $71,200 mark may signify a continued upward climb towards the $72,000 level.
Assessing Potential Pullbacks in Bitcoin’s Price
If Bitcoin struggles to surpass the $70,000 resistance level, a corrective phase may ensue. Immediate support is expected around $68,750, followed by a more substantial support level at $68,000.
Additional downside protection lies near $67,250 and the 100-hourly SMA, while extended losses could see Bitcoin retesting the $66,500 support area in the short term.
- Hourly MACD – The MACD is currently showing increased bullish momentum.
- Hourly RSI (Relative Strength Index) – BTC/USD’s RSI has surpassed the 50 level, indicating growing strength.
- Major Support Levels – $68,750, followed by $68,000.
- Major Resistance Levels – $69,800 and $70,000.
Hot Take: Bitcoin Eyeing $70,000 Amidst Bullish Momentum
Bitcoin’s recent surge above key resistances suggests a potential move towards $70,000 and beyond, with the bulls in control of the market sentiment. As technical indicators signal a positive outlook, the focus remains on sustaining the current momentum and overcoming critical resistance levels on the path to new highs. As Bitcoin continues to show strength, investors are closely monitoring price movements for further potential gains.
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