As a seasoned crypto investor with a few years under my belt, I’m excited to see Bitcoin price showing positive signs once again. The recent increase above the $70,500 resistance level is a bullish indicator, and I believe that BTC might gain even more momentum if it breaks above the $72,000 resistance in the near term.
The price of Bitcoin has begun to climb significantly, surpassing the $70,500 threshold. Bitcoin’s current trend indicates a potential surge toward the $72,000 mark in the imminent future.
- Bitcoin extended its increase above the $70,000 and $70,500 resistance levels.
The price is trading above $70,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $70,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it settles above the $72,000 level.
Bitcoin Price Regains Strength
The price of Bitcoin hovered steadily above the $69,500 mark, extending its upward trend. Notably, Bitcoin surpassed the resistance levels of $70,000 and $70,200, paving the way for further growth in a favorable market condition.
The bulls managed to drive the price up beyond $70,500. A new peak was reached at $71,682, and currently, the price is stabilizing after this surge. The value remains above the 23.6% Fibonacci retracement mark, which is a significant level following the upward trend from the $67,285 dip to the $71,682 peak.
As an analyst, I would describe the current Bitcoin market situation as follows: I’m observing Bitcoin trading above two significant levels – $70,500 and the 100-hour Simple Moving Average (SMA). Furthermore, there’s a developing bullish trend line on the hourly chart of BTC/USD pair. This trend line offers support at an essential level, specifically around $70,600.
If we look on the positive side, the price is encountering resistance around the $71,400 mark. The initial resistance level may be found at $71,650. Following that, a significant resistance lies at $72,000. Overcoming this barrier could lead to further increases in price, potentially taking it up to test the resistance at $73,200. Any additional growth might propel Bitcoin towards the $75,000 resistance level.
Are Dips Limited In BTC?
If Bitcoin is unable to surpass the $71,400 barrier, there’s a risk it may initiate another drop. The nearest support lies around $70,600 and the trendline.
As an analyst, I would interpret the current market situation as follows: My initial assessment places the first significant support for Bitcoin around the $70,000 mark. Subsequently, there’s a developing support area emerging close to $69,500 or the 50% Fibonacci retracement level of our recent price movement – which spanned from the swing low at $67,285 to the high at $71,682. Should we experience further losses, we could potentially see Bitcoin testing the near-term support zone around $68,500.
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 above the 50 level.
Major Support Levels – $70,600, followed by $70,000.
Major Resistance Levels – $71,600, and $72,000.
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2024-06-06 06:22