As a researcher with a background in cryptocurrencies and technical analysis, I’m excited to see Bitcoin’s recent price surge above $70,000. The 8% increase in value is a significant development, and the bullish trend line forming on the hourly chart of BTC/USD is a promising sign for potential further upside.
As a crypto investor, I’ve experienced a significant boost in Bitcoin‘s value, with its price soaring over 8% and breaking through the $70,000 mark. Currently, Bitcoin is taking a breather and consolidating these gains, indicating potential for further upward momentum in the near future.
- Bitcoin started a fresh increase above the $70,000 resistance zone.
The price is trading above $79,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $70,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase unless the bears push it below $68,800.
Bitcoin Price Pumps 8%
The price of Bitcoin established a foundation above the $66,500 mark. Subsequently, Bitcoin commenced an uptrend surpassing the $68,000 resistance threshold following Ethereum‘s advance beyond $3,200.
I experienced a significant surge in price above the $70,000 resistance level, resulting in a 8% increase. Not only that, but the price reached and even challenged the $72,000 resistance zone. A new record-high weekly close was established at $71,896. Currently, I’m observing a period of consolidation as my gains are being solidified.
As a crypto investor, I’m observing that Bitcoin’s price has surpassed the 23.6% Fibonacci retracement level of its upward trend from the $66,047 swing low to the $71,896 high. Currently, Bitcoin is trading above the $79,000 mark and the 100-hour Simple Moving Average (SMA). Moreover, a bullish trend line is forming on the hourly chart of the BTC/USD pair with support at around $70,500.
In simpler terms, the cost is currently encountering opposition around the $71,850 mark. The initial obstacle to a potential increase may be located at $72,000. Subsequently, $72,500 could serve as the next significant barrier. If the price manages to surpass this hurdle, it might continue climbing and challenge the resistance at $73,200.
Should the bullish trend persist, Bitcoin’s price may advance towards the $74,400 resistance level. Surpassing this hurdle could lead Bitcoin to challenge the $75,000 mark.
Are Dips Limited In BTC?
Should Bitcoin fail to surpass the $72,000 mark as resistance, it may trigger a decline. The nearest support lies around $70,500 and the trendline.
As a crypto investor, I’d rephrase it this way: The significant support for Bitcoin lies at $70,000. Currently, a new major support is taking shape around $68,850 or the 50% Fibonacci retracement level of the price surge from the $66,047 swing low to the $71,896 peak. Further declines could potentially push the price towards the nearby support area at $67,450.
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 70 level.
Major Support Levels – $70,500, followed by $70,000.
Major Resistance Levels – $71,850, $72,000, and $72,500.
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2024-05-21 04:16