BITCOIN PRICE RECLAIMS $70K AND SIGNALS FRESH SURGE TO $75K

Bitcoin price remained stable above the $65,000 resistance zone. BTC climbed higher above the $67,500 and $68,000 resistance levels. The bulls even pumped the price above the $68,800 and $70,000 resistance levels.

A new weekly high was formed near $71,217 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $66,810 swing low to the $71,217 high. Bitcoin is also trading above $70,000 and the 100 hourly Simple moving average.

There is also a connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $66,810 swing low to the $71,217 high.

Immediate resistance is near the $70,500 level. The first major resistance could be $71,200. If there is a clear move above the $71,200 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $73,500 resistance zone in the near term. The next key resistance sits at $75,000.

ANOTHER DROP IN BTC?

If Bitcoin fails to rise above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $70,000 level.

The first major support is $69,000. The next support sits at $67,800 and the trend line. If there is a close below $67,800, the price could start a drop toward the $66,800 level. Any more losses might send the price toward the $65,500 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 above the 60 level.

Major Support Levels – $69,000, followed by $67,800.

Major Resistance Levels – $70,500, $71,200, and $73,500.#BTC #HalvingHorizons