Bitcoin’s price has risen again to $70,000. BTC shows signs of strength. It could break the resistance level at $73,500 due to Trump’s influence.
- Bitcoin began a new surge over the $70,000 area.
- Above $71,000 is the simple moving average of 100-hour trading.
- On the hourly chart for the BTC/USD, there was a breakout above the key trendline with resistance of $68,450 (data from Kraken).
- They may struggle to break through the resistance level of $73,000.
Bitcoin price surges over 5%
Bitcoin’s price remains stable $65,500 support zone. BTC prices started to surge again above $68,500.
Trump’s victory in the election has triggered a rally for BTC. Price gained over 5%, and broke the $70,000 barrier. The price surpassed 50% of the Fib retracement for the decline from $73,574 swing low to $66,836.
On the hourly BTC/USD chart, there was a breakout above the key bearish line. The resistance is $68,450. Bitcoin is currently trading at $72,000, and there are no signs of a decline. 100 hourly Simple moving average. The price is above the Fib level of 76.4% retracement for the decline from the swing high $73,574 to the low $66,836.
The price may face resistance on the upside near $72,800. First, the price will face resistance near $73,200. The price could move higher if it clears the resistance of $73,200. The next major resistance may be at $74,500.
If the price closes above $74,500, it could lead to more gains. The price may rise to the level of $75,000 and then test it. If the price gains more, it could push the price towards the $78,000 level of resistance.
Do Dips Only Come In BTC?
Bitcoin could begin a new decline if it fails to break through the resistance level of $73,200. Near $72,000, there is immediate support for the price on the downside.
First major support near $71,200. Now, the next major support zone is near $70.500. If the market continues to fall, it could push the price towards the support of $70,000 in the short term.
Indicators of 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 50 level.
Major Support Levels – $72,000, followed by $71,200.
Major Resistance Levels – $72,800, and $73,200.
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Source: www.newsbtc.com
