๐๐๐ #Bitcoinprice Gradually Climbs: Steady Ascent Points to #BullishMomentum
Bitcoin's price has seen a steady increase above the $70,500 resistance, indicating positive momentum that could lead to a break above the $72,000 resistance in the near term.
Bitcoin Price Shows Strength
- Bitcoin's price has remained stable above the $69,500 zone and has extended its increase, clearing the $70,000 and $70,200 levels to move further into positive territory.
- The bulls successfully pushed the price above $70,500, forming a high at $71,682. The price is currently consolidating gains and holding above the 23.6% Fib retracement level of the upward move from the $67,285 swing low to the $71,682 high.
- Bitcoin is now trading above $70,500 and the 100-hourly Simple Moving Average (SMA). Additionally, a key bullish trend line is forming with support at $70,600 on the hourly chart of the BTC/USD pair.
Potential for Further Gains
- On the upside, resistance is near the $71,400 level, with the first major resistance at $71,650 and the next key resistance at $72,000. A clear move above the $72,000 resistance could propel the price higher, potentially testing the $73,200 resistance. Any further gains might push BTC toward the $75,000 resistance.
Support Levels to Watch
- If Bitcoin fails to surpass the $71,400 resistance, it may decline. Immediate support lies at $70,600 and the trend line, with major supports at $70,000 and $69,500 (50% Fib retracement of $67,285 to $71,682). Further losses could drop the price to the $68,500 support zone.
Technical Indicators
- Hourly MACD: The MACD is losing pace in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level.
Major Levels
- Support Levels: $70,600, $70,000, $69,500
- Resistance Levels: $71,600, $72,000, $73,200
Bitcoinโs current momentum suggests potential for further gains, provided it can break through the key resistance levels.
Source - newsbtc.com
