The price of Bitcoin is climbing upwards past the $71,200 barrier. Bitcoin‘s trend looks optimistic and there’s a good chance it will push further upward, surpassing $72,500.
- Bitcoin climbed higher above $69,500 and $70,000 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 near $70,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate higher if it clears the $72,500 resistance zone.
Bitcoin Price Regains Momentum
The Bitcoin price broke through the barrier of $68,500 and continued climbing, surpassing the resistance at $69,500 and $70,000. As a result, Bitcoin found itself in an upward trend.
The price broke through the $71,200 barrier and reached a new high close to $72,609. After reaching this peak, the price is now in the process of correcting its gains. A drop below the $72,000 mark occurred. The correction brought the price down even below the 23.6% Fibonacci retracement level, which is calculated from the low at $68,954 to the high at $72,609.
Bitcoin currently hovers around $70,000 and the 100-hour moving average. Additionally, a significant bullish trend line is emerging on the hourly chart of BTC/USD pair, with support around $70,750. This trend line approaches the 50% Fibonacci retracement level of the price surge from $68,954 low to $72,609 high.
Close by, the price encounters strong opposition around $72,000. The first significant barrier might be located at $72,500. Currently, $72,800 poses a new challenge for the price to surmount. Overcoming this hurdle could lead to further upward momentum.
If the situation remains unchanged, the bitcoin price may approach around $73,500. The upcoming significant barrier lies close to the $74,000 mark. Should further growth occur, Bitcoin could reach the $75,000 resistance level in the short term.
Are Dips Supported In BTC?
If Bitcoin doesn’t manage to break through the $72,000 barrier, it might keep declining instead. The nearest support lies around the $70,750 mark or the trendline.
The first major support is $70,350. The next support sits at $70,000. If there is a close below $70,000, the price could start a drop toward the $68,500 level. Any more losses might send the price toward the $67,500 support zone in the near term.
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 near the 50 level.
Major Support Levels – $70,750, followed by $70,000.
Major Resistance Levels – $72,000, $72,500, and $73,500.
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2024-04-09 06:22