Bitcoin price has found support near $67,500 and is poised for another upward movement towards the $72,500 resistance zone. Despite experiencing a decline below $70,000, Bitcoin’s bulls remained active near the $67,500 support level. The price has since rebounded, surpassing the $69,200 and $69,500 resistance levels. A key bearish trend line with resistance at $69,600 was also breached, further supporting the bullish outlook.
Currently, Bitcoin is trading above $70,000 and the 100 hourly Simple Moving Average. The immediate resistance lies at the $71,400 level, followed by the significant resistance levels of $72,500 and $72,800. If the price manages to break above these levels, it could continue its upward trajectory towards $73,200 and potentially even reach the $75,000 resistance zone in the near term.
However, if Bitcoin fails to surpass the $71,400 resistance, it may experience another decline. The immediate support lies at the $70,000 level and the 100 hourly SMA. A break below $69,200 could lead to a drop towards the $68,500 level, with further losses potentially pushing the price back to the $67,500 support zone.
Technical indicators suggest a bullish outlook, with the MACD gaining momentum in the bullish zone and the RSI for BTC/USD above the 50 level.
Overall, Bitcoin appears to be gearing up for another lift-off, with dips in price becoming an attractive opportunity for buyers.