Bitcoin Price Surges Above $72,000, Eyes New All-Time High
Bitcoin price is currently above $72,000, increasing over 5%, and may target a new all-time high above $73,500.
- Bitcoin initiated an increase above the $70,000 zone.
- The price trades above $70,500 and the 100 hourly Simple Moving Average.
- A bullish trend line is forming with support at $69,000 on the hourly BTC/USD chart (data from Kraken).
- The pair could rise above the $73,500 resistance or reach a new all-time high.
Bitcoin Price Remains In Uptrend
Bitcoin price has remained strong above the $70,000 zone. It formed a base and moved above the $71,200 resistance, surpassing $72,000.
The price regained strength, exceeding the $72,500 level, and reached a high of $73,574. Currently, it consolidates gains just above the 23.6% Fib retracement level of the upward move from the $65,530 swing low to the $73,574 high.
Bitcoin is trading above $72,000 and the 100 hourly Simple Moving Average. Resistance may occur near the $73,200 level.
The primary resistance is around $73,550. A clear move above this level could lead to further increases, targeting $74,200. Closing above $74,200 might initiate more gains, potentially reaching the $75,000 resistance level, and further gains could test $75,800 and $76,500.
Are Dips Limited In BTC?
If Bitcoin does not exceed the $73,500 resistance zone, a downside correction may begin. Immediate support is near $71,650.
Key support levels include $69,500, which corresponds to the 50% Fib retracement of the upward movement from $65,530 to $73,574. Additional support is near $68,500, with further losses possibly leading to the $67,200 support level in the near term.
Technical indicators:
Hourly MACD – Gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – Currently above the 50 level.
Major Support Levels – $71,650 and $69,500.
Major Resistance Levels – $73,500 and $75,000.