Bitcoin Holds Firm Above $70k: Analysts Predict New Rally on Horizon

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Bitcoin is triumphantly standing its ground above the $70,000 resistance threshold as its price continues an optimistic consolidation of gains. Analysts are speculating that another rally could be forming, barring a positive move above the $71,500 resistance level in the short run.

In a fortuitous turn of events, the price of Bitcoin has hovered in an advantageous zone, reaching high above the $66,500 level. Currently, the world’s most famous cryptocurrency is trading firmly above $70,000, also surpassing the 100 hourly Simple Moving Average (SMA), a critical analytical tool used by traders to identify potential buying and selling opportunities.

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Another heartbeat moment for Bitcoin came as a key bullish trend line began forming, its foundation steadfast at $68,500 on the hourly chart of the BTC/USD pair. Referencing data fed from Kraken, future projections are promising a possible upsurge, contingent to the clearance of the $71,500 resistance zone.

In its prowess, the Bitcoin price elbowed past the $68,800 resistance zone, steadily climbing beyond $69,500 and flexing its muscle at an enormous $70,000 resistance level. As a grand finale, Bitcoin pitched its tent at the $71,500 resistance zone. A new weekly high blossomed near $71,557, and since then, the currency has been prudently amassng gains.

There was a minor ebb, dipping below the 23.6% Fib retracement level. However, the Bitcoin tide remained steady above $69,000 and is still maintaining an edge above $70,000. Notably, the bullish trend line’s trajectory is closely tailing the 61.8% Fib retracement level.

However, not all is smooth sailing in the Bitcoin landscape. Although immediate resistance is eager at the $70,800 level and a significant resistance projected around $71,500, failure to ascend above this zone could trigger a potential setback. On the flip side, a clear cut move beyond the $71,500 resistance zone could offer incredible strength to Bitcoin, potentially bulldozing through the formidable $72,500 resistance zone. Ultimately, the next major resistance point is idling at $73,500.

The flipside of this bullish coin is a potential drop for Bitcoin should it fail to inch above the $71,500 resistance zone. On the downside, immediate support is rallying near the $70,000 bracket. The first significant support is anticipated at $69,000, followed by $68,500 and the trend line. In the event of a gradient below $68,500, the Bitcoin price may take a dive towards the $67,000 level and the 100 hourly SMA.

Technical indicators expose an interesting tale. While the trend for the hourly MACD is dwindling in the bullish zone, the Hourly RSI (Relative Strength Index) for BTC/USD is now embracing a level above 50. Therefore, Major Support Levels are anticipated at $68,500, followed by $67,000 while Major Resistance Levels are poised at $70,500, $71,500, and the powerful $73,500. In the capricious world of cryptocurrency, Bitcoin so far has displayed resilience and impressive growth.