Bitcoin, the leader of the cryptocurrency market, has attracted the attention of investors again with its recent significant price increase. After establishing a solid base at $66,500, Bitcoin broke the $70,000 resistance zone with a rapid rise and gained over 8% in value. This increase brought BTC close to the $72,000 resistance zone.
New Weekly High for Bitcoin
Bitcoin made a strong move above the $70,000 resistance zone and formed a new weekly high at $71,979. It is currently facing a significant resistance at $71,850. The $72,000 level is stated as the next major resistance point and it is estimated that the price could rise further if this level is exceeded.
If the bulls can maintain this uptrend, Bitcoin price is expected to move towards the $74,400 resistance zone. Further gains could push Bitcoin towards the $75,000 barrier. However, in order to exceed these levels, the purchasing demand in the market will need to be strong.
Possible Fall Scenario in Bitcoin
As Bitcoin approaches the $72,000 resistance level, its future movements have become a matter of curiosity. If it cannot rise above this critical level, the possibility of a downward correction may arise. In this case, the first major support point is at $ 70,000. It is predicted that if Bitcoin falls below this support, the price may decline to the $ 67,450 support area.
Analysis of Technical Indicators
When technical indicators are examined, the hourly MACD indicator currently indicates that it is gaining momentum in the bullish zone. This situation can be considered as a signal that Bitcoin may gain upward momentum in the short term. Additionally, the hourly RSI indicator also shows that it is in the overbought zone, strengthening the possibility of a potential correction move.
The main support levels against Bitcoin stand out as $ 70,500 and $ 70,000, while the resistance levels are $ 71,850, $ 72,000 and $ 72,500. These levels are critical for the direction Bitcoin will follow in the short term. In particular, overcoming the $72,000 resistance could be an important step for BTC to reach new highs.
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