Bitcoin Breaks $70,500 Barrier, Targets $72,000 Resistance Level

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In a promising twist of events, Bitcoin, the kingpin of cryptocurrencies, has begun an encouraging increase above the $70,500 mark, triggering positive sentiments all around the market. It’s a favorable sign, indeed, setting the stage for possibly greater bullish momentum that could soon breach the resistance of $72,000.

The gradual elevation in Bitcoin’s value wasn’t confined to crossing the $70,000 mark. Stretching the upward trend further, it broke past the $70,500 barrier too, validating the rise as more than just a momentary surge. Currently, Bitcoin enjoys a firm seat above $70,000 and even the 100 hourly Simple Moving Average.

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Adding another feather to its bullish cap, a significant trend line of support is shaping around the $70,600 mark on the hourly chart of the BTC/USD pair. This particular garnering of strength further suggests that Bitcoin might indeed be on the precipice of gaining bullish momentum significantly if it establishes itself securely above the $72,000 mark.

Following a steadiness above the $69,500 zone, Bitcoin continued to extend its incline. Demonstrating commendable strength, it cleared the hurdles set at $70,000 and $70,200 levels, moving decidedly into a positive zone.

In a brazen display, the bulls drove the price further above $70,500 setting a high at $71,682. Since then, Bitcoin has been consolidating its gains, successfully retaining its winnings above the 23.6% Fib retracement level of the upward course it charted from $67,285 to $71,682.

The road to further value increment isn’t steeped in certainty though. Bitcoin is currently worming its way through resistance at the $71,400 level. Ahead lies another crucial resistance at $71,650 and a key barrier at $72,000. A confident stride past the $72,000 resistance could well ignite a soaring value climb to test the resistance at $73,200. If this surge prevails, the $75,000 resistance might not stand strong for long.

However, it’s not all blues skies and easy wins. On the off-chance that Bitcoin stumbles and fails to climb above the resistance zone of $71,400, another decline looms at the horizon. The immediate support in such a scenario would be around the $70,600 mark and the trend line.

Stronger supports at $70,000 and $69,500, coincide with the 50% Fib retracement level of Bitcoin’s upward sweep from $67,285 to $71,682. Should these supports erode, the digital currency may find itself plummeting towards the $68,500 support zone in the foreseeable future.

Not losing hope, the technical indicators make for some positive reading. The MACD (Moving Average Convergence Divergence) is losing some pace within the bullish zone. The RSI (Relative Strength Index) however, paints a brighter picture, with BTC/USD now situated above the 50 level. Major supports rest at $70,600 and then $70,000, with considerable resistance levels at $71,600 and $72,000.

In conclusion, while potential speed bumps mark the journey ahead, the prevailing bullish sentiment indicates that Bitcoin might just be priming itself for a notable upswing.