Bitcoin continues to show strength as its price consolidates above the $72,000 mark, hinting at a potential new all-time high. After beginning a fresh surge past the $71,000 threshold, Bitcoin is now trading steadily above $71,500 and the 100-hourly simple moving average. A significant bullish trend line is forming with support at $69,500 on the BTC/USD hourly chart. The cryptocurrency is holding its gains and looks poised to challenge the $73,500 resistance zone.
Holding firm above $70,500, Bitcoin built a foundation that enabled a push beyond the $72,000 resistance. This upward momentum allowed bulls to propel the price beyond $72,500. The price gained further traction, surpassing the $73,200 level and peaking at $73,574, before it began to consolidate. A slight pullback saw the price dipping below $73,000, where it tested the 23.6% Fibonacci retracement level from the upward wave between the $65,530 swing low and the $73,574 high.
Currently, Bitcoin remains above $71,500 and the 100-hourly simple moving average, with a crucial bullish trend line providing support at $69,500 on the BTC/USD hourly chart.
Facing resistance near $73,000, the first significant hurdle above is at $73,500. Successfully clearing this could propel Bitcoin higher, with the next major resistance standing at $74,200. A strong close above $74,200 might trigger further gains, pushing the price towards testing the $75,500 resistance level. Continued bullish momentum could drive the price up to $78,000 and even test $80,000.
However, should Bitcoin struggle to surpass the $73,000 resistance, a downside correction could be on the cards. Immediate support lies near $71,650, with more substantial backing at the $69,500 level, aligned with the trend line and the 50% Fibonacci retracement level of the upward wave from $65,530 to $73,574. Further drops might see support around the $68,600 zone, with potential to descend to $67,500 in the near term.
Technical indicators suggest the MACD is losing pace in the bullish zone, while the RSI for BTC/USD stays above the 50 level. Key support levels to watch are $71,650 and $69,500, with major resistance levels at $73,000 and $73,500. As Bitcoin continues its consolidation with an eye on further gains, all eyes are on these critical support and resistance zones to guide the next move.
