Bitcoin’s price is on the rise once again, surpassing the $71,200 resistance level. It is exhibiting positive indicators and could potentially continue to climb above $72,500, setting a new all-time high. BTC has successfully surpassed both the $69,500 and $70,000 resistance levels, marking a shift into a favorable zone. The price has even cleared the $71,200 resistance zone and reached a high of around $72,609 before undergoing a minor correction.
Despite this correction, Bitcoin remains above $70,000 and the 100 hourly Simple Moving Average. Additionally, a bullish trend line is forming with support near $70,750 on the hourly chart. This trend line aligns closely with the 50% Fibonacci retracement level of the upward wave from the recent swing low of $68,954 to the high of $72,609.
The immediate resistance lies at the $72,000 level, followed by major resistances at $72,500 and $72,800. If Bitcoin manages to break above the $72,800 resistance, it could pave the way for further gains, potentially targeting $73,500 and the next major resistance level at $74,000. Further upward movement may even push Bitcoin towards the $75,000 resistance zone in the near future.
In the event that Bitcoin fails to overcome the $72,000 resistance, it may face a decline. Immediate support lies around the $70,750 level or the aforementioned trend line. The first major support rests at $70,350, followed by $70,000. A close below $70,000 could signal a drop towards the $68,500 level. If the selling pressure intensifies, the price might even test the $67,500 support zone.
As for the technical indicators, the hourly MACD shows a decline in bullish momentum, while the RSI is hovering around the 50 level for BTC/USD.
Disclaimer: The information provided is purely educational and does not constitute financial advice. NewsBTC does not offer recommendations on buying, selling, or holding any investments, and any investment decisions should be made after conducting thorough research. Trading cryptocurrencies carries risks, and using the information provided is solely at the individual’s own risk.