#bitcoinprice Poised for Fresh Pump: Market Prepares for Upswing
Bitcoin Price Eyes $70,000 Resistance
Bitcoin has initiated a fresh increase above the $68,000 resistance, aiming for the $70,000 resistance zone.
Key Highlights:
- Base Formation and Increase: Bitcoin formed a base and rose above the $68,000 resistance zone.
- Current Trading: Trading above $69,500 and the 100-hourly Simple Moving Average (SMA).
- Key Break: Broke a key bearish trend line with resistance at $68,200 on the BTC/USD hourly chart (data from Kraken).
- Potential Acceleration: May rise towards the $70,000 and $70,800 levels short-term.
Bitcoin Price Could Soon Retest $70,000
Bitcoin remained positive above the $65,500 resistance zone, clearing the $66,800 and $67,500 levels. A break above a key bearish trend line with resistance at $68,200 allowed momentum to build, moving above the 76.4% Fib retracement level from $69,398 to $66,627.
Current Trading Levels
- Above $69,500: Trading above $69,500 and the 100-hourly SMA.
- Resistance Levels: Potential resistance near $69,800 and $70,000 (1.236 Fib extension from $69,398 to $66,627).
Potential Upside
Above $70,000: A move above $70,000 could push the price towards $70,800, with a major hurdle at $71,200. A close above $71,200 might spark further bullish moves, potentially reaching $72,000.
Potential Downside
Support Levels: Immediate support at $68,750, then $68,000. Further support at $67,250 and the 100-hourly SMA. A drop could push the price towards $66,500.
Technical Indicators:
- Hourly MACD: Gaining pace in the bullish zone.
- Hourly RSI: Above the 50 level.
- Major Support Levels: $68,750 and $68,000.
- Major Resistance Levels: $69,800, $70,000, and $70,800.
Source - newsbtc.com
