Bitcoin Price Consolidates Above $72,000, Eyes New All-Time High
Bitcoin price is consolidating above the $72,000 zone, showing positive signs for a potential new all-time high.
- Bitcoin initiated an increase above the $71,000 zone.
- The price is trading above $71,500 and the 100 hourly Simple Moving Average.
- A key bullish trend line is forming with support at $69,500 on the hourly BTC/USD chart (data feed from Kraken).
- The pair is consolidating gains and may rise above the $73,500 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin remains strong above the $70,500 zone. A base formed, leading to an increase above the $72,000 resistance. The price surpassed $72,500 and regained strength, clearing $73,200, with a high of $73,574 before consolidating gains.
A minor decline occurred below $73,000, testing the 23.6% Fibonacci retracement level from the $65,530 swing low to the $73,574 high. Bitcoin is now trading above $71,500 and the 100 hourly Simple Moving Average, with a bullish trend line support at $69,500.
On the upside, resistance is expected near $73,000, with the first key resistance at $73,500. A clear move above this level could lead to further increases, targeting $74,200.
A close above $74,200 might initiate more gains, potentially testing the $75,500 resistance level. Additional gains could push the price towards $78,000, possibly reaching up to $80,000.
Are Dips Supported In BTC?
If Bitcoin does not surpass the $73,000 resistance zone, it may begin a downside correction. Immediate support is near $71,650.
The first major support is at $69,500, aligning with the trend line and the 50% Fibonacci retracement level from the $65,530 swing low to the $73,574 high. Further support is at $68,600, with potential declines reaching $67,500.
Technical indicators:
Hourly MACD: The MACD is losing pace in the bullish zone.
Hourly RSI: The RSI for BTC/USD is above the 50 level.
Major Support Levels: $71,650, followed by $69,500.
Major Resistance Levels: $73,000 and $73,500.