🔥🔥🔥 #Bitcoinprice Eyes Upside Break, Can Bulls Send BTC To $75K?
Bitcoin is holding onto its gains above the $69,200 mark, with the potential for further #bullish momentum if it manages to surpass key resistance levels at $70,800 and $71,250.
Currently, Bitcoin is striving to climb above the $70,000 threshold, maintaining its position above this level and the 100-hourly Simple Moving Average. However, it faces resistance in the form of a bearish trend line, with a hurdle emerging at $70,800, as indicated by data feed from Kraken.
Bitcoin's recent attempt to push beyond $70,500 encountered obstacles around $71,200 and $71,400, resulting in a minor pullback. Despite this, the bulls remain active, preventing the price from dipping significantly below $69,200, which aligns closely with the 50% Fibonacci retracement level of the recent upswing from the $67,500 low to the $71,250 high.
As of now, Bitcoin is trading above $70,000 and the 100-hourly SMA, with immediate resistance anticipated around $70,800. Additionally, a bearish trend line is forming, adding to the resistance level.
In the event of a successful breach above $71,250, Bitcoin could see further upward movement, with the next resistance points at $71,400 and $72,600. Beyond these levels, the #cryptocurrency may target the $73,500 and $75,000 zones in the short term.
Conversely, if Bitcoin fails to overcome the $71,250 resistance, it may experience another decline. Initial support is expected around $70,400, followed by the 100-hourly SMA. Further support levels lie at $69,350 and $68,500, with a potential drop to the $67,500 zone if selling pressure persists.
Analyzing the technical indicators, the hourly MACD is showing bullish momentum, while the hourly RSI for BTC/USD is currently above the 50 level.
Key support levels to watch include $70,400 and $69,350, with major resistance levels at $70,800, $71,250, and $72,600.
Source - newsbtc.com