As a researcher with experience in cryptocurrency markets, I have been closely monitoring the price action of Bitcoin (BTC). The recent surge above the $70,000 level is an exciting development for investors and traders. According to my analysis of the hourly chart of the BTC/USD pair from Kraken, Bitcoin extended its increase above the $70,000 resistance zone and even formed a new high at $70,600.
“The price of Bitcoin surpassed $70,000, with the cryptocurrency currently maintaining its advance above this threshold. It’s possible that BTC could experience further growth in the short term.”
- Bitcoin extended its increase above the $70,000 zone.
The price is trading above $69,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $69,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase unless there is a move below the $68,500 support.
Bitcoin Price Holds Support
As a crypto investor, I’ve noticed that Bitcoin’s price has once again begun to climb, bouncing back from the crucial support level at $68,000. With a strong push, Bitcoin managed to surpass the resistance at $69,000 and is now advancing into bullish territory. Moreover, there was an important technical development as Bitcoin broke above the bearish trend line on the hourly chart of BTC/USD pair, which previously acted as a significant barrier at $69,000.
The duo surpassed the $70,000 mark, reaching a peak at $70,600. Subsequently, the value dipped. We witnessed a drop below the $70,000 threshold. The price fell beneath the 50% Fibonacci retracement line of the advancement from the $67,971 trough to the $70,600 pinnacle.
As a researcher, I’ve observed that the bulls are currently displaying heightened activity around the same trend line. They’re taking a defensive stance to safeguard the crucial 61.8% Fibonacci retracement level of the uptrend. This significant support level is situated at approximately $69,250, marking the price point where the market pulled back from its advance between $67,971 and $70,600.
As a crypto investor, I’m observing that Bitcoin’s price has surpassed the $69,000 mark and the 100 hourly Simple Moving Average (SMA). Should the price continue to climb, it may encounter resistance around the $70,000 level. The first notable resistance lies at $70,600, while the next significant resistance can be found at $71,200.
As a researcher studying Bitcoin’s price movements, I would interpret a break above the current resistance at $71,200 as a strong signal for further growth. In this scenario, I believe the price could continue to climb and encounter the next resistance level at $72,000. Should the price overcome this hurdle, it might push BTC even higher, potentially reaching the $73,200 resistance.
Another Drop In BTC?
Should Bitcoin be unable to surpass the $70,600 barrier, there’s a possibility it may descend further. A noteworthy support lies around the $69,000 mark in case of a price drop.
The first major support is $68,500. The next support is now forming near $68,000. Any more losses might send the price toward the $66,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $69,000, followed by $68,500.
Major Resistance Levels – $70,000, and $70,600.
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2024-05-28 04:16