In recent advancements sweeping the world of digital currency, the trend-setting Bitcoin appears to be making promising leaps. Triumphantly mowing down the first line of opposition at $69,500 before efficiently dominating the $70,000 resistance level, the leading cryptocurrency is confidently signaling positive signs for an imminent escalation.
Pushing through the $71,200 barricade, Bitcoin charted up to a phenomenal high, briefly brushing against a commanding level near $72,609. However, it seems the unruly beast of cryptocurrency is not immune to minor fluctuations. A slight loss of traction below the $72,000 level saw the price recalculate its trajectory. A minor downward spiral was noted beneath the 23.6% Fib retracement level that stems from the terrific $68,954 swing low to the record-shattering high of $72,609.
Yet, Bitcoin reclaimed fortitude rapidly. It steadied its course at a comfortable altitude surpassing $70,000, gracefully tipping above the 100 hourly Simple Moving Average. Piercing through the fluctuating market winds, a key bullish trend line appears to be forming, finding its ally in the comforting resistance near $70,750. This bullish trend line is heaving its breath near the 50% Fib retracement level of the astounding surge that originated from the $68,954 swing low and embraced the audacious $72,609 high.
Resistance, a familiar foe, once again stands tall in the vicinity of the $72,000 mark. However, if Bitcoin continues its ascent, dexterously conquering this hurdle, the next obstacle lies further north at $72,500 swiftly followed by another at $72,800. If the currency showcases its invincible prowess, clearing the $72,800 resistance zone with ease, there might be a renewed spark of progress in the offing.
Yet, for every rally, a downturn is a probable prospect. If Bitcoin cannot comfortably topple the $72,000 resistance zone, it may retreat a few steps. Immediate support in this scenario can be found at the $70,750 mark, shadowed closely by the trend line. Falling further, Bitcoin can count on a safety net at $70,350 and further down, another awaits at $70,000. A sealing beneath $70,000 could significantly shift the game by paving the way for a potential plunge towards the $68,500 level. Any more losses, and there’s a chance Bitcoin might find solace in the $67,500 support zone in the near future.
Hourly MACD signals suggest that Bitcoin’s impressive stride within the bullish zone might be slowing down. Meanwhile, the Hourly RSI or Relative Strength Index for the BTC/USD pair is hovering near a balanced 50-level point, suggesting neither overbought nor oversold conditions.
In the ever dynamic sphere of Bitcoin, investors will be watching closely as the currency maps its boundaries with major support levels forming at $70,750 and $70,000 while major resistance levels could make their stand at $72,000, $72,500, and $73,500.
