The cost of Bitcoin dipped but then recovered around $67,500. It’s possible that Bitcoin will continue climbing and reach the $72,500 mark once more in the not too distant future.
- Bitcoin retested the $67,500 support zone before it started a fresh increase.
The price is trading above $70,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $69,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $71,400 resistance zone.
Bitcoin Price Holds Support
The cost of a Bitcoin unit dropped once again below the $70,000 mark, plunging further to hit the $68,500 threshold following an unexpected surge in US Consumer Price Index (CPI). Despite this setback, determined buyers defended the price at around $67,500.
At a price of $67,500, a new trough formed and the market began to climb. It surpassed the previous hurdles at $69,200 and $69,500. The 50% retracement mark of the decline from the peak of $72,597 to the bottom of $67,500 was also crossed by the price.
On the hourly chart of the BTC/USD pair, Bitcoin surpassed a significant bearish trend line with a resistance level at $69,600, allowing it to trade above $70,000 and now rests above the 100-hour Simple Moving Average.
An immediate obstacle for further price increase lies around $71,400 or the 76.4% mark of the price drop from the peak of $72,597 to the low of $67,500. The initial major hurdle may be at $72,500. Presently, the next resistance is located at $72,800. Once this resistance is surpassed, the price might continue climbing.
In this scenario, the bitcoin price may climb up to around $73,200. The next significant barrier for the price lies at approximately $73,500. Should the price continue to rise, it could potentially push Bitcoin towards the $75,000 resistance level in the short term.
Another Decline In BTC?
If Bitcoin doesn’t manage to break past the $71,400 barrier, there’s a risk of another price drop. The closest support lies around $70,000 and the 100-hour Simple Moving Average (SMA).
If the price falls below the initial significant support of $69,200, it may trigger a downward trend towards $68,500. Further declines could potentially push the price towards the nearby support area around $67,500.
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 – $70,000, followed by $69,200.
Major Resistance Levels – $71,400, $72,500, and $73,500.
Read More
Sorry. No data so far.
2024-04-11 07:36