Bitcoin’s value took a spectacular leap over the $70,000 threshold, further solidifying its profits amidst a supportive market. It appears poised on the brink of another surge as it maintains its towering gains.
The digital currency magnified its growth beyond the lucrative $70,000 sector. Currently, Bitcoin trades above $69,000, surpassing the 100 hourly Simple moving average, an effective tool in the determination of Bitcoin’s price direction.
More insights into its promising climb unfold as it successfully overcame a crucial bearish trend line that had been posing resistance at $69,000. This groundbreaking development took place on the hourly chart of the BTC/USD pair, data supplied by Kraken. The pair appears ripe for another upward movement unless the price drops below the significant support mark of $68,500.
Bitcoin’s price trajectory reveals a persistent climb from the $68,000 support zone. Overcoming the resistance at the $69,000 level, Bitcoin moved positively further, breaking the stubborn bearish trend line that had been posing resistance at $69,000 on the hourly chart of the BTC/USD pair.
The pair soared higher than the stifling $70,000 resistance zone, with Bitcoin valiantly establishing a high at $70,600 before undergoing a small dip. A minor downward correction led to a temporary descent below the $70,000 apex. Simultaneously, the price dipped beneath the 50% Fib retracement level, which was derived from the upward shift from the $67,971 swing low to the rewarding $70,600 high.
Despite this slight setback, Bitcoin bulls are maintaining a tight grip on the same trend line, dutifully safeguarding the 61.8% Fibonacci retracement level, which arose from the upward thrust from the $67,971 low point to the satisfying high of $70,600.
Steadily staying afloat over $69,000 and outperforming the 100 hourly Simple moving average, Bitcoin exhibits preparedness for a fresh surge. Yet, it might meet resistance around the $70,000 horizon. Extreme resistance could manifest at $70,600, followed by another significant resistance point at $71,200.
Bitcoin could tread higher with a evident upward push beyond the $71,200 resistance point. In such an event, Bitcoin could test its mettle against the formidable $72,000 resistance. Further gains could catapult Bitcoin towards an extraordinary resistance level of $73,200.
However, if a failure to breach the resistance at $70,600 marks Bitcoin’s journey, a continued downfall could be in the cards. The immediate support on the downward path is situated near the $69,000 frontier.
The initial major support level is found at the $68,500 regions. Also, another support is currently shaping up near $68,000. A further plunge into the red could potentially push Bitcoin towards the support zone of $66,500 in the near future.
Technical indicators:
Hourly MACD – The MACD is presently losing steam in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now hovering near the tipping point of 50.
Major Support Levels – Immediate support resides at $69,000, followed by another at $68,500.
Major Resistance Levels – Crucial resistance lies at $70,000, followed by an even more imposing one at $70,600.
