Bitcoin’s price is soaring once again, surpassing the $70,000 resistance level and indicating potential for a further surge towards $75,000.
As BTC remained in a positive zone above $66,500, it recently surpassed $70,000 and the 100 hourly Simple Moving Average. On the hourly chart for the BTC/USD pair, there is a bullish trend line forming with support at $67,500.
The trend line coincides with the 76.4% Fibonacci retracement level, suggesting that a strong support zone is in place. If Bitcoin manages to break the $71,200 resistance zone, it could gain additional strength and potentially reach $73,500 and $75,000 in the near future.
However, if Bitcoin fails to overcome the $71,200 resistance level, a downward trend could ensue. The immediate support lies at $70,000, followed by $69,000 and $67,800. A close below the latter may lead to a drop towards the $66,800 level, with the $65,500 support zone as the next crucial barrier.
It is important to note that these price movements come with risks, and investors are encouraged to conduct their own research before making any investment decisions.