The price of Bitcoin rises above the $72,000 area. BTC is up more than 5% and may soon aim for an all-time high above $73,500.
- Bitcoin started a new increase above the $70,000 area.
- The price is trading above $70,500 and the moving average is 100 per hour.
- There is a connecting bullish trend line forming with support at $69,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is bullish and could rise above the $73,500 resistance area or reach a new high.
Bitcoin Price Remains Uptrend
Bitcoin price remained firm above the $70,000 area. BTC formed a base and started a new increase above the $71,200 resistance. The bulls managed to pump the price above the $72,000 resistance.
The price regained strength and cleared the $72,500 level. It is up more than 5% and is trading above the $72,000 level. The top is built at $73,574 and the price now includes benefits. It is just above the 23.6% Fib retracement retracement from the $65,530 swing low to the $73,574 high.
Bitcoin price is now trading above $72,000 with a moving average of 100 per hour. On the other hand, the price may face resistance near the $73,200 level.
The first key resistance is near the $73,550 level. A clear move above the $73,550 resistance could send the price higher. The next key resistance would be $74,200. A close above the $74,200 resistance could trigger further gains. In the mentioned case, the price can rise and test the resistance level of $75,000. Any further gains could send the price to the resistance level of $75,800. Any additional benefits would require a $76,500 assessment.
Are Dips Limited in BTC?
If Bitcoin fails to rise above the $73,500 resistance area, it could start an inverse correction. Immediate support on the downside is near the $71,650 level.
The first major support is near the $69,500 level or the 50% Fib retracement level of the rise from the $65,530 swing low to $73,574 high. The next support is now near the $68,500 area. Another loss could send the price to the $67,200 support in the near term.
Technical indicators:
Hourly MACD – MACD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major Support Levels – $71,650, followed by $69,500.
Large Objection Levels – $73,500, and $75,000.
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