As a seasoned crypto investor with a decade of experience under my belt, I’ve seen Bitcoin’s price fluctuations more times than I can count. Yet, each time it surges like this, I can’t help but feel a mix of excitement and apprehension.
The cost of Bitcoin is climbing back up over $70,000, suggesting a robust performance, with potential for breaking through the $73,500 barrier as well, under the leadership of former President Trump.
- Bitcoin started a fresh surge above the $70,000 zone.
- The price is trading above $71,000 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $68,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to rise above the $73,000 resistance zone.
Bitcoin Price Surges Over 5%
The Bitcoin price held steady within the protective range of approximately $65,500. This established a foundation, and shortly after, the Bitcoin price broke through the barrier at around $68,500, initiating a new upward trend.
Trump’s influence seems to be fueling a significant resurgence in Bitcoin. The price has soared by more than 5%, breaking through the $70,000 mark. This surge takes it past the 50% Fibonacci retracement level of its downward trend from the peak of $73,574 to the low of $66,836.
On the Bitcoin/USD chart, a significant jump occurred beyond a notable bearish trend line with a resistance point at $68,450 on an hourly basis. Currently, Bitcoin’s price hovers above $72,000 and also surpasses the 100-hour Simple Moving Average. Moreover, it stands above the 76.4% Fibonacci retracement level of the downward trend from the peak at $73,574 to the trough at $66,836.
On a positive note, the cost may encounter obstacles at around $72,800. Initially, a significant barrier is found near $73,200. If there’s a clear break above this $73,200 barrier, it might lead to further price increases. A potential subsequent resistance level could be set at $74,500.
Breaking above the $74,500 barrier could trigger further increases in the price, potentially pushing it up to challenge the $75,000 resistance point. If this happens, we might see additional growth that could lead the price towards the $78,000 resistance zone.
Are Dips Limited In BTC?
If Bitcoin doesn’t manage to break through the $73,200 barrier, it might trigger a new drop instead. For now, its bottom line of defense can be found around the $72,000 mark.
The first major support is near the $71,200 level. The next support is now near the $70,500 zone. Any more losses might send the price toward the $70,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $72,000, followed by $71,200.
Major Resistance Levels – $72,800, and $73,200.
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2024-11-06 05:46