Bitcoin Challenges $70k Barrier Amid Market Recovery Surge

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Bitcoin is making valiant efforts to push the ripple of recovery higher than its current resistance of $66,500. To ensure continued growth in the near future, the cryptocurrency must gather enough momentum to jump the hurdle of $70,000 in market value.

In this complicated labyrinth of virtual currency, Bitcoin has had to fend off considerable challenges around the $69,500 and $70,000 levels. At present, it dances above the $67,000 mark, finding balance with the 100 hourly Simple moving average that acts as an effective safety net.

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In the past, a key bearish trend line locked horns with Bitcoin at a resistance point of $66,350, according to the hourly chart of the BTC/USD pair, data obtained from Kraken. If the cryptocurrency manages to stay above the sturdy ground of $67,000, we may see a resurgence, a new wave pushing it higher.

This surge in the Bitcoin price found its feet near the $64,500 support zone, generating a ripple effect that’s started a recovery wave. Surpassing resistance levels of $66,500 and $67,000, Bitcoin has plunged headfirst into a zone that fjords positively into the short term.

There has been the break observed recently, a significant fracture in the bearish trend line previously entrenched at a resistance of $66,350 on the BTC/USD hourly chart. This pair briefly enjoyed the lofty view above the $69,000 mark before peaking at a rewarding high of $69,354. Currently, the Bitcoin price is gearing its energy to consolidate gains.

However, this consolidation has slipped below the 23.6% Fib retracement level of the previously identified surge that originated at a swing low of $64,572 and escalated to a high of $69,352. Nonetheless, Bitcoin continues to trade higher than $67,000 and the 100 hourly Simple moving average.

Looking into the immediate future, resistance is eyeing Bitcoin near the $68,250 mark. A first major resistance could unfold itself around $69,350. The primary wall to break is standing tall at $70,000. A decisive move beyond these $70,000 could reignite the spark for a fresh increase, potentially lifting Bitcoin towards $71,200.

However, if Bitcoin bows beneath the pressure of the $69,350 resistance zone, it could be hurled into another descent. Instantaneous support on a downward spiral is gauged around the $67,200 level.

The first major support could be experienced at $67,000 or at the 50% Fib retracement level of the earlier upward swing that ranged from $64,572 to $69,352. The subsequent support is waiting at $66,400. In the event of a closure below $66,400, Bitcoin might be pressured to dip towards the $65,500 level. A further loss in value could lead it to face the music down at the $64,500 support zone in the near term.

We’ve seen the MACD indicators suggest a stagnation of the bullish pace at this hour, while the Relative Strength Index (RSI) for BTC/USD is trending downward to dance around the 50 level balance line. Major support levels are currently at $67,200 and then at $67,000. Major resistance levels, meanwhile, are aligned at $69,350, $70,000 and advancing to $71,200.