Bitcoin’s price jumped over $70,000 and gained more than 8%. BTC has now consolidated gains, and is showing more signs of upsides over the short term.
- Bitcoin has started to increase again above the resistance level of $70,000.
- Price is above the Simple Moving Average of 100 hours and $79,000.
- On the hourly chart for the BTC/USD, there is a bullish trendline connecting with a support of $70.500 (data from Kraken).
- It is possible that the pair will start a new increase, unless bears bring it to below $68,800.
Bitcoin Price Increases by 8%
The Bitcoin price has formed a strong base over the level of $66,500. BTC began a fresh increase Ethereum is above $68,000 after rallying above $3,200.
A strong movement was seen above the $70,000 zone of resistance. The price rose over 8%. It even touched the $72,000 zone of resistance. The price has now reached a new high of $71,896.
Bitcoin is also trading above $79,000 and the Fib retracement of the upward movement from the swing low $66,047 to the high $71,896. Bitcoin has also traded above $79,000. 100 hourly Simple moving average. On the BTC/USD hourly chart, a bullish line is also forming, with support located at $71,500.
Price is facing resistance now near $71,850. First, there could be a major barrier at $72,000. Next, $72,500 could be the next major resistance. The price could move higher if it clears the resistance of $72,500. Price could test $73,200 in this case.
The price may rise to the resistance level of $74,400 if the bulls continue their action. BTC could reach the $75,000 barrier if it gains any more.
Do Dips Only Come In BTC?
Bitcoin could begin a correction to the downside if it fails to rise above $72,000. Support is found near $70.500, the trendline and immediate support to the downside.
First major support at $70,000. Main support now forms near $68,850, or 50% Fib level of upward movement from $66,047 swing-low to $71,896. In the short term, any further losses could send the price towards the $67450 support area.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 70 level.
Major Support Levels – $70,500, followed by $70,000.
Major Resistance Levels – $71,850, $72,000, and $72,500.
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Source: www.newsbtc.com
