Bitcoin Price On The Rise: Is The $70K Mark Within Reach?

Share This Post

Bitcoin price gained over 15% and broke the $65,000 resistance level. BTC is still showing positive signs and might attempt to move above the $66,000 level.

  • Bitcoin extended its increase above the $65,000 resistance zone.
  • The price is trading above $64,500 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $63,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might continue to move up if it breaks the $66,000 resistance.

Bitcoin Price Extends Increase, Bulls In Action

Bitcoin price remained in a bullish zone above the $62,500 and $63,500 resistance levels. BTC was able to surpass the $64,000 level to extend its increase. The bulls even pushed the price toward the $66,000 zone.

A high was formed at $66,100 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $62,466 swing low to the $66,100 high. There is also a key bullish trend line forming with support at $63,850 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $64,500 and the 100 hourly Simple moving average. If there is an upside continuation, the price could face resistance near the $66,000 level. The first key resistance is near the $66,500 level.

Bitcoin Price

A clear move above the $66,500 resistance might spark more bullish moves in the coming sessions. The next key resistance could be $67,200. The next major hurdle sits at $68,000. A close above the $68,000 resistance might push the price further higher. In the stated case, the price could rise and test the $70,000 resistance.

Are Dips Supported In BTC?

If Bitcoin fails to climb above the $66,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $66,000 level.

The first major support is $64,250 and the 50% Fib retracement level of the upward move from the $62,466 swing low to the $66,100 high. The next support is now near $63,650 and the trend line. Any more losses might send the price toward the $62,500 support zone in the near term.

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 – $64,250, followed by $63,850.

Major Resistance Levels – $66,000, and $67,200.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ethereum Price Nears Critical 100-Day SMA – Will It Break Through?

Ethereum (ETH) has been on a slow and steady upward trajectory, inching closer to a crucial technical indicator: the 100-day Simple Moving Average (SMA) This level is more than just a line on a

Fake ‘Investment Education’ Crypto Scams Are Exploding—Regulator Issues Dire Warning

Fake “investment education foundations” use deceptive trials and bogus loans to scam cryptocurrency investors, North Dakota regulators warn Regulator Sounds the Alarm: Fake ‘Investment

Promises Made, Promises Kept

Last week America officially started a Strategic Bitcoin Reserve, but the Market doesn’t seem to care yet Last Week Macro Arguably Mattered More Than Policy Trump and macro dominated last week

Bitcoin Theft: UK NCA Officer Charged For Stealing 50 BTC

The UK Crown Persecution Service (CPS) has filed charges against a law enforcement agent for allegedly stealing 50 Bitcoin (BTC) in 2017 This development comes amidst continuous efforts by the UK

Bitcoin Price Breaking Out Of This Pattern — Can BTC Reclaim $90,000?

The Bitcoin price has shown good signs of recovery over the past few days, briefly returning above the $85,000 level to kickstart the weekend While BTC’s price has often floundered towards the end

Fixing Ethereum’s biggest problems

The following is a guest post from Rostyslav Bortman, Founder at Ethereum Ukraine If you’re planning to launch a stablecoin or preparing for a token generation event (TGE), your choice of