Bitcoin Price Set to Surpass $71,500 and Experience Another Surge
Bitcoin’s price is once again surging above the critical $70,000 resistance zone, indicating that a steady rise above the $71,500 level is imminent.
The price of Bitcoin is currently trading above $70,500 and the 100-hourly Simple Moving Average, exhibiting positive momentum. Furthermore, there is a significant bullish trend line forming with support at $70,200 on the BTC/USD pair’s hourly chart, sourced from Kraken.
Bitcoin’s price has remained well-supported above the $69,000 resistance zone, enabling it to surpass $70,000 and enter a positive trajectory. The price even broke through the $71,000 level and successfully retested $71,500. However, a minor downside correction occurred, with the price temporarily falling below the 23.6% Fibonacci retracement level.
Currently, Bitcoin is trading above $70,000 and the 100-hourly Simple Moving Average, highlighting its resilience. If the price can clear the $71,500 resistance zone decisively, it is poised to initiate a robust rally. Should this occur, the price might even surpass the $72,500 resistance level in the near future, with the following significant resistance being around $73,500.
Alternatively, if Bitcoin fails to break above the $71,500 resistance zone, it could undergo another decline. Immediate support lies around the $70,200 level and the aforementioned trend line. The initial substantial support rests at $70,000, followed by the 50% Fibonacci retracement level. A close below $69,200 might trigger a drop towards the $68,000 level, with the potential for further losses towards the $66,500 support zone.
Technical indicators suggest a bullish trend, as the hourly MACD is gaining momentum in the bullish zone, while the hourly RSI (Relative Strength Index) has climbed above the 50 level.
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