Bitcoin is once again making impressive gains, breaking through the $70,000 mark. With Donald Trump’s position improving, BTC continues to strengthen and may attempt to break through the important resistance at $73,500. This rise has also increased interest in Bitcoin among investors, indicating a possible continuation of the upward trend.
BTC Rise: New High Above 70,000
Bitcoin has recovered from a minor correction, rising above the $70,000 level. The BTC/USD chart shows that the rate has broken through a key resistance line near $68,450, setting a new base for potential growth. Breaking this mark could be a catalyst for further gains.
The Impact of the Trump Factor
Interestingly, Trump’s growing popularity is creating additional momentum for Bitcoin, which has caused a wave of optimism among investors. The current price has already broken through $71,000 and consolidated above the 100-hour moving average, indicating the likelihood of further growth.
Technical Analysis and Nearest Levels
At $73,200, Bitcoin will face its first major limitations, and a significant breakout through $73,500 could support further BTC gains towards $74,500 and $75,000. This growth could push the price towards the next major resistance level at $78,000.
On the other hand, if Bitcoin fails to break the resistance zone, the nearest support is expected at $72,000. In case of further decline, the next support will be around $71,200.
Technical Indicators
MACD shows an upward momentum in the growth zone.
The RSI (relative strength index) for BTC/USD is also above 50, indicating a strengthening uptrend.
Basic Levels
Support: $72,000 and $71,200.
Resistance: $73,200 and $74,500.
A consolidation above $74,500 would open the way for Bitcoin to even higher values.
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