Bitcoin Price Targets Fresh ATH: Will It Make History Again?

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As a seasoned crypto investor with over a decade of experience in this wild frontier, I can confidently say that the recent consolidation above the $72,000 zone for Bitcoin is a promising sign. Having weathered numerous market cycles and witnessed the incredible rise (and fall) of cryptocurrencies, I’ve learned to read the charts like a map to buried treasure.

The cost of Bitcoin is holding steady above the $72,000 mark, suggesting it could be on track to set a fresh record high. Bitcoin’s current trends indicate optimistic movements.

  • Bitcoin started a fresh increase above the $71,000 zone.
  • The price is trading above $71,500 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is consolidating gains and might rise above the $73,500 resistance zone.

Bitcoin Price Eyes More Upsides

The price of Bitcoin held steady and robust above the $70,500 mark, with it then establishing a foundation and surging past the $72,000 barrier for further growth. The aggressive bulls successfully propelled the price beyond the $72,500 resistance level.

The price regained strength and cleared the $73,200 level. A high was formed at $73,574 and the price is now consolidating gains. There was a minor decline below the $73,000 level. The price tested the 23.6% Fib retracement level of the upward wave from the $65,530 swing low to the $73,574 high.

Currently, the Bitcoin price exceeds $71,500 and aligns with the 100-hour Simple Moving Average. Additionally, a significant bullish trend line is taking shape on the hourly BTC/USD chart, providing support around $69,500.

Positively speaking, the cost may encounter a barrier around $73,000. Initially, a significant resistance can be seen at approximately $73,500. If the price manages to surpass this resistance at $73,500, it might lead to further increases. Another potential resistance could emerge at $74,200.

If the price surpasses the $74,200 barrier, it could potentially lead to further increases. In this scenario, the price may climb and attempt to breach the $75,500 resistance point. If it does, additional gains might push the price up to the $78,000 resistance level. Further gains might prompt a test of the $80,000 resistance.

Are Dips Supported In BTC?

If Bitcoin doesn’t break through the $73,000 barrier, there might be a drop in its price instead. The lowest point it could potentially fall to initially is around $71,650.

The first major support is near the $69,500 level, the trend line, and the 50% Fib retracement level of the upward wave from the $65,530 swing low to the $73,574 high. The next support is now near the $68,600 zone. Any more losses might send the price toward the $67,500 support 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 above the 50 level.

Major Support Levels – $71,650, followed by $69,500.

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

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2024-10-31 06:58