Bitcoin price has recently seen a positive momentum, starting a fresh increase above the $70,000 resistance level. This surge in price has sparked optimism among investors, with expectations of BTC rising further above the $72,000 resistance in the near term.
Bullish Trend Line and Key Support Levels
One of the key indicators for Bitcoin’s price movement is the establishment of a bullish trend line with support at $69,200. This trend line has helped to bolster the price above $69,500 and the 100 hourly Simple Moving Average, indicating a potential upward trajectory for BTC.
Resistance Levels to Watch
While the price is facing resistance near the $71,200 level, the first major resistance could be at $71,500, with the next key resistance level at $72,000. A clear breakout above the $72,000 resistance could signal further gains for Bitcoin, potentially pushing the price towards the $73,200 resistance and beyond to $75,000.
However, if Bitcoin fails to break above the $71,200 resistance zone, there is a possibility of a downside correction. Immediate support on the downside is near the $70,300 level, followed by $69,400 or the trend line. Further support levels are forming near $69,200, including the 50% Fib retracement level from the recent swing low to high.
The hourly MACD is gaining momentum in the bullish zone, indicating a positive sentiment towards Bitcoin’s price movement. Additionally, the hourly RSI for BTC/USD is above the 50 level, further supporting the bullish outlook. Major support levels to watch include $70,300 and $69,400, while resistance levels are at $71,200 and $72,000.
Bitcoin’s price is currently in a positive trajectory, with the potential to break above the $72,000 resistance level. However, investors should also be mindful of downside risks and key support levels to manage their trading strategies effectively. As the market continues to evolve, monitoring technical indicators and price movements will be crucial in making informed decisions regarding Bitcoin investment.
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