As a seasoned researcher with years of studying cryptocurrencies under my belt, I can confidently say that the current Bitcoin rally is nothing short of exhilarating. With my fingers permanently glued to the price charts and market trends, I’ve witnessed numerous ups and downs in the crypto world, but this bull run has been one for the books.
The price of Bitcoin is soaring beyond the $70,000 mark. BTC has increased by more than 5%, potentially targeting a leap past the $72,000 barrier for further growth.
- Bitcoin started a fresh increase above the $68,000 zone.
- The price is trading above $70,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $68,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is surging and might rise above the $72,000 resistance zone or even to a new all-time high.
Bitcoin Price Starts Fresh Surge
Bitcoin’s price seemed to find solid ground around the $66,500 area. After establishing a foundation, it began a new surge that surpassed the $68,000 barrier. The bullish momentum managed to push the price beyond the $70,000 resistance level.
The cost has regained its momentum and surpassed the $70,500 barrier. It has risen by more than 5% and is currently trading above $71,000. A new peak was established at $71,482, and the price now appears to be gaining strength. Furthermore, it is significantly higher than the 23.6% Fibonacci retracement level of the upward trend that started from the $65,531 low point and reached the $71,482 peak.
Currently, Bitcoin’s value is transacting beyond $70,000 and also over its 100-hour Simple Moving Average. Potentially, it might encounter resistance as it approaches around $71,500.
Initially, the significant barrier lies around $72,000. If the price manages to surpass this hurdle, it could potentially climb higher, with the next potential resistance at $72,200. Overcoming $72,200 might trigger further increases, possibly pushing the price up to challenge the $73,000 resistance and even setting a new record high. If the price continues to rise, it may soon encounter the $74,000 resistance level, and potentially even reach as high as $75,000.
Are Dips Supported In BTC?
If Bitcoin doesn’t break through the barrier at $72,000, there might be a drop in its value. The lowest point it could potentially fall to initially would be around $70,500.
1 Support level of significant importance lies around the $68,500 region or the 50% Fibonacci retracement point from the price drop between $65,531 low and $71,482 high. The next potential support is now approximately at the $67,800 area. Further declines could push the price closer to the near-term support of $66,500.
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 – $70,500, followed by $68,500.
Major Resistance Levels – $71,500, and $72,000.
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2024-10-29 06:04