Bitcoin Price Turns Green: Poised for a Major Upswing

As a researcher with experience in cryptocurrency analysis, I am bullish on Bitcoin’s current price trend. The recent increase above the $70,000 resistance level is a positive sign for BTC, indicating potential for further gains. The price has formed a base and is now trading above key support levels such as $69,500 and the 100 hourly Simple moving average.

The price of Bitcoin has recently begun to climb again, surpassing the $70,000 mark as resistance. With a promising outlook, Bitcoin could potentially soar even higher, beyond the $72,000 threshold, in the imminent future.

    Bitcoin started a decent increase above the $69,500 and $70,000 resistance levels.
    The price is trading above $69,500 and the 100 hourly Simple moving average.
    There is a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could gain bullish momentum if it settles above the $71,200 level.

Bitcoin Price Eyes More Upsides

The price of Bitcoin established a foundation and subsequently surged past the $68,500 barrier. Bitcoin successfully breached the resistance levels at $69,500 and $70,000, positioning itself in an optimistic sector.

The bulls managed to drive the price past $71,200 mark. Reaching a peak at $71,238, the price is currently holding its ground. It’s maintaining a steady position above the 23.6% Fibonacci retracement level, which is derived from the upward trend initiated at $67,284 and peaked at $71,258.

The price of Bitcoin currently hovers around $69,500 and above its 100-hour moving average. Additionally, a significant bullish trendline is emerging on the hourly chart for the BTC/USD pair, providing support at approximately $69,200.

Bitcoin Price Turns Green: Poised for a Major Upswing

The price of Bitcoin is encountering resistance around the $71,200 mark. The initial hurdle for the price to overcome could be at $71,500. Following that, a significant resistance level exists at $72,000. If the price manages to break through this barrier, it may lead to further gains, potentially reaching the $73,200 resistance. Any additional growth might push Bitcoin towards the $75,000 resistance.

Another Decline In BTC?

If Bitcoin is unable to surpass the $71,200 threshold, there’s a risk of another price drop. The nearest support can be found around the $70,300 mark.

The initial significant level of resistance is around $69,400, be it the trendline or a fixed price. The upcoming support, however, is emerging close to $69,200, which coincides with the 50% Fibonacci retracement mark of the recent uptrend from the $67,284 swing low to the $71,258 high. Should the losses continue, the price may head towards the near-term support area around $68,500.

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 – $70,300, followed by $69,400.

Major Resistance Levels – $71,200, and $72,000.

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2024-06-05 06:04