Bitcoin Price Surges Above $70,000 Amid Trump’s Lead

Bitcoin price has surpassed $70,000, showing potential to breach the $73,500 resistance zone amid Trump's lead.

Bitcoin initiated a surge above the $70,000 level.
The price is trading over $71,000 and above the 100 hourly Simple Moving Average.
A break occurred above a key bearish trend line at $68,450 on the BTC/USD hourly chart (data feed from Kraken).
The pair may face challenges rising above the $73,000 resistance area.

Bitcoin Price Surges Over 5%

Bitcoin stabilized at the $65,500 support zone before forming a base and surging past the $68,500 resistance.

Trump's lead has contributed to a rally in BTC, with prices increasing more than 5% and surpassing the $70,000 mark. The price exceeded the 50% Fib retracement level of the decline from $73,574 to $66,836.

Bitcoin is now trading above $72,000 and remains above the 76.4% Fib retracement level of the downward move from $73,574 to $66,836. The next resistance levels are near $72,800 and $73,200, with a clear breakthrough above $73,200 potentially driving prices higher toward $74,500.

A close above $74,500 could trigger further gains, potentially testing the $75,000 resistance. Additional increases might push the price towards the $78,000 level.

Are Dips Limited In BTC?

If Bitcoin does not exceed the $73,200 resistance, it may begin another decline. Immediate support is near $72,000, followed by major support levels at $71,200 and $70,500. Further losses could lead to a test of the $70,000 support level.

Technical indicators:

Hourly MACD: Gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): Above the 50 level.
Major Support Levels: $72,000 and $71,200.
Major Resistance Levels: $72,800 and $73,200.