Bitcoin Price Surges Above $70,000 with Potential to Reach New Highs
Bitcoin price is rallying above the $70,000 zone. BTC is up over 5% and could soon aim for a move above the $72,000 resistance zone.
- Bitcoin started a fresh increase above the $68,000 zone.
- The price is trading above $70,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trend line is forming with support at $68,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may rise above the $72,000 resistance zone or reach a new all-time high.
Bitcoin Price Starts Fresh Surge
Bitcoin found support near the $66,500 zone, forming a base and increasing above the $68,000 resistance. The price surpassed the $70,000 resistance.
The price regained strength, clearing the $70,500 level, and is now trading above the $71,000 level. A high of $71,482 was recorded, indicating bullish momentum. It remains well above the 23.6% Fib retracement level of the upward move from the $65,531 swing low to the $71,482 high.
Currently, Bitcoin is trading above $70,000 and the 100 hourly Simple Moving Average. Resistance may occur near the $71,500 level.
The primary resistance is near the $72,000 level. A clear move above this could lead to further gains. The next key resistance level could be $72,200, with potential rises toward $73,000 and $74,000, possibly testing $75,000.
Are Dips Supported In BTC?
If Bitcoin does not surpass the $72,000 resistance zone, a downside correction may begin. Immediate support is near the $70,500 level.
Major support levels are near $68,500 or the 50% Fib retracement level from the $65,531 swing low to the $71,482 high, followed by $67,800. Further declines might approach the $66,500 support level.
Technical indicators:
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $70,500 and $68,500.
Major Resistance Levels – $71,500 and $72,000.