🚀🚀🚀 #Bitcoinprice Resumes Upside, Why $BTC Could Soon Hit New #ATH
Bitcoin's price is on an upward trajectory, surpassing the $71,200 resistance level and indicating positive momentum that could lead to further gains above $72,500.
The recent surge in Bitcoin's price saw it breaking through resistance levels at $69,500 and $70,000, marking a shift into a #bullish territory. Currently, it is trading comfortably above $70,000 and the 100-hourly Simple Moving Average (SMA).
Additionally, a significant bullish trend line is taking shape with support around $70,750 on the BTC/USD hourly chart, sourced from Kraken exchange data.
Despite a slight correction from the recent high near $72,609, Bitcoin remains well-positioned above $70,000 and the crucial trend line. This correction retraced below the 23.6% Fibonacci retracement level of the upward movement from the swing low at $68,954 to the high at $72,609.
Key resistance levels for Bitcoin are at $72,000, $72,500, and $72,800. A breakout above $72,800 could lead to further gains towards $73,500, $74,000, and potentially $75,000 in the short term.
On the downside, if Bitcoin fails to breach the $72,000 resistance zone, it might experience a downward movement.
Initial support is anticipated around $70,750, coinciding with the trend line. Subsequent support levels are situated at $70,350 and $70,000. A breach below $70,000 could trigger a decline towards the $68,500 support area, with further downside potentially targeting the $67,500 zone.
Technical indicators suggest a moderate loss of momentum in the bullish zone, as observed in the hourly MACD, while the Relative Strength Index (RSI) for BTC/USD hovers around the 50 level.
In summary, Bitcoin's price outlook remains bullish, with the potential for further upside above key resistance levels, provided support levels hold firm amid any corrective moves.
Source - newsbtc.com
