Bitcoin Price Nears All-Time High: Can It Push Past the Mark?

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As a researcher with over two decades of experience in financial markets, I have witnessed numerous bullish and bearish trends. However, the current surge in Bitcoin’s price is truly remarkable, especially considering its meteoric rise above the $72,000 zone.

The cost of Bitcoin is surging beyond the $72,000 mark. Bitcoin has risen more than 5%, and there’s potential for it to reach a fresh peak over $73,500 soon.

  • Bitcoin started a fresh increase above the $70,000 zone.
  • The price is trading above $70,500 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $69,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is surging and might rise above the $73,500 resistance zone or even to a new all-time high.

Bitcoin Price Remains In Uptrend

The value of Bitcoin persisted robustly above the $70,000 level. It established a platform for growth and surpassed the initial barrier at $71,200. The supportive forces successfully elevated the price beyond the $72,000 mark.

The cost reasserted its strength and surpassed the $72,500 threshold. It’s now increased by more than 5% and is trading above the $72,000 mark. A peak was established at $73,574, and the price is currently consolidating its advance. At present, it’s slightly higher than the 23.6% Fibonacci retracement level of the upward trend that started from the $65,530 bottom to the $73,574 peak.

Currently, the Bitcoin price surpasses $72,000 and aligns with the 100-hour Simple Moving Average. As it moves upward, potential resistance may arise around $73,200.

Initially, a significant barrier lies around the $73,550 mark. If the price successfully breaks through this hurdle at $73,550, it may push upward. The next major obstacle could be at $74,200. Should the price close above $74,200, further growth could be anticipated. In such a scenario, the price might aim for the $75,000 resistance and potentially reach $75,800 if it keeps gaining. Further gains might necessitate testing the $76,500 mark.

Are Dips Limited In BTC?

As I analyze the current state of Bitcoin, if it doesn’t manage to break through the resistance at approximately $73,500, there’s a potential for a corrective move downwards. Should this happen, the immediate support for the cryptocurrency could be found around the $71,650 mark.

1 major level of reinforcement is found close to $69,500 or the 50% Fibonacci retracement point of the upward trend from the $65,530 swing low to the $73,574 peak. The next protective barrier lies in the vicinity of $68,500. Further declines could potentially push the price towards the $67,200 support level in the short 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 – $71,650, followed by $69,500.

Major Resistance Levels – $73,500, and $75,000.

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2024-10-30 06:40