Bitcoin Price Surges Above $70,000 as Bullish Momentum Grows
Bitcoin’s price has continued its upward trajectory, breaking the $70,000 barrier and signaling the potential for new all-time highs. The cryptocurrency is currently holding onto its gains above key support levels, indicating a bullish trend in the near future.
In a significant development, Bitcoin successfully surpassed the $69,000 resistance level, accompanied by a break above a crucial bearish trend line. This positive move was observed on the hourly chart of the BTC/USD pair sourced from Kraken.
After reaching a high of $70,600, Bitcoin experienced a minor correction but remained above the $70,000 level. The price temporarily dipped below this milestone, briefly falling beneath the 50% Fibonacci retracement level. However, strong support emerged near the aforementioned trend line, specifically around the 61.8% Fibonacci retracement level.
Bitcoin is currently trading above the $69,000 mark and the 100-hourly Simple Moving Average, providing a favorable outlook for a potential uptrend. If the price continues to rise, it may encounter resistance around the $70,000 level, with the first significant hurdle at $70,600. A decisive breakthrough above this resistance could propel Bitcoin towards the $71,200 level.
Should the bullish momentum persist, Bitcoin could test the $72,000 resistance, and further gains may lead the cryptocurrency towards $73,200.
On the other hand, if Bitcoin fails to breach the $70,600 resistance zone, a downward movement could occur. Initial support lies at the $69,000 level, followed by $68,500. A more substantial support level is forming near $68,000, and any additional losses may cause the price to dip towards the $66,500 support zone in the short term.
Monitoring key technical indicators to gauge market sentiment, the hourly MACD is displaying a deceleration in bullish momentum, while the hourly RSI is hovering around the 50 level.
In conclusion, Bitcoin’s price rally above $70,000 suggests a positive outlook, with potential resistance at $70,600 and further upside targets if the bullish trend continues. Conversely, failure to break the resistance could trigger a downside move, with crucial support levels at $69,000, $68,500, and $68,000.