Bitcoin is surging above $72,000. BTC is now up over 5%. It could reach a new high soon above $73,500.
- Bitcoin has started to increase again above $70,000.
- Price is above $75,000 and 100-hour Simple Moving Average.
- On the hourly BTC/USD chart, there is a bullish line connecting with support of $69,000 (data from Kraken).
- The pair has been surging, and could even reach a record high or rise beyond the resistance level of $73,500.
Bitcoin price remains in an upward trend
Bitcoin prices remained above $4,000 $70,000 zone. BTC has formed a new base, and is now gaining momentum above the resistance of $71,200. Bulls managed to push the price over the $72,000 barrier.
The price recovered strength and cleared $72,500. Over 5% is now trading and it’s above $72,000. Price is consolidating its gains after a new high at $73,574. The price is now consolidating gains just below the Fib 23.6% retracement of the move upward from the swing low at $65,530 to the high at $73,574.
Bitcoin’s price has now risen to $72,000. 100 hourly Simple moving average. Price could be pushed upwards by resistance around the level of $73,200.
Near $73,550, the first major resistance level is located. The price could move higher if it clears the resistance level of $73,550. Next key resistance might be $74,200. The price could rise if it closes over the $74,200 level. The price may rise to the $75,00 resistance level in the case stated. If the price gains more, it could push the level of resistance to $75,800. Further gains could lead to a $76,500 test.
Do Dips Only Come In BTC?
Bitcoin may start to correct downwards if the resistance level of $73,500 is not overcome. The $71,650 support level is the immediate downside support.
First major support near $69500 or 50% Fib level retracement of upward movement from $65,530 swing-low to $73,574 top. Next support now lies near $68,500. In the short term, any further losses could send the price towards the support of $67.200.
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 50 level.
Major Support Levels – $71,650, followed by $69,500.
Major Resistance Levels – $73,500, and $75,000.
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Source: www.newsbtc.com
