Bitcoin’s price is continuing its rally, surpassing the $70,000 and $71,000 levels. Currently trading above $71,500 and the 100 hourly Simple Moving Average, the bulls are now targeting a move towards $75,000. A short-term contracting triangle is forming with resistance at $72,500 on the BTC/USD pair’s hourly chart. If the price clears the $72,500 and $72,850 resistance levels, it could continue to rise.
Bitcoin reached a new all-time high at $72,866 and is consolidating near the 23.6% Fib retracement level on the chart. The price is also above the 100 hourly Simple Moving Average. Immediate resistance lies at the $72,500 level and the triangle zone, followed by the $72,850 and $73,500 resistance levels. Breaking through the $73,500 resistance zone could lead to a move above $74,000, potentially targeting $75,000.
In the event that Bitcoin fails to surpass the $72,500 resistance zone, a downside correction could occur. Initial support is around $72,000, with the first major support at $70,000 or the 50% Fib retracement level. If the price drops below $70,000, a decent pullback towards the $68,500 level could ensue, with further losses possibly bringing the price to the $66,600 support zone.
Technical indicators show that the MACD is losing pace in the bullish zone, while the RSI for BTC/USD is above the 50 level. The major support levels are $72,000 and $70,000, while the major resistance levels are $72,500, $72,850, and $73,500.
Please note that this article is for educational purposes only and does not constitute investment advice. It is recommended to conduct your own research before making any investment decisions and understand the risks involved.