Bitcoin has surged again, breaching the $70,000 threshold and showing signs of significant strength as it eyes the $73,500 resistance zone amid Donald Trump’s lead.
The cryptocurrency has initiated a fresh rally, climbing above the $70,000 mark. Currently, Bitcoin is trading above $71,000 and maintaining its position above the 100-hourly Simple Moving Average, suggesting a solidifying bullish trend. The price movement saw a critical break above a key bearish trend line at $68,450 on the hourly chart of the BTC/USD pair.
Despite the current optimism, Bitcoin may face challenges around the $73,000 resistance zone. The price held steady around the $65,500 support level and formed a base, subsequently rallying past the $68,500 resistance. Trump’s leadership appears to be catalyzing this fresh upward momentum, propelling Bitcoin past the $70,000 barrier with an impressive gain of over 5%.
The cryptocurrency surpassed the 50% Fibonacci retracement level of the downward move from the $73,574 high to the $66,836 low. Additionally, it broke past a key bearish trend line at $68,450, further bolstering its upward trajectory.
Bitcoin now trades above $72,000 and stays above the 100 hourly Simple Moving Average, as well as the 76.4% Fibonacci retracement level of the previous downward move. On the upside, Bitcoin could encounter resistance around $72,800, with the first key resistance level near $73,200. Should it clear this threshold, the price might climb even higher, potentially testing the $74,500 resistance.
A decisive move above $74,500 could spur further gains, pushing Bitcoin to approach the $75,000 level, and continued momentum might drive it toward $78,000. However, if Bitcoin fails to surpass the $73,200 resistance, a decline could ensue. Immediate support lies near the $72,000 level, with additional support at $71,200 and potentially $70,500. Any further losses could drive the price back down toward the $70,000 support level in the short term.
Technical indicators show the hourly MACD gaining pace within the bullish zone, while the hourly Relative Strength Index (RSI) for BTC/USD is now above the 50 level. Key support levels for Bitcoin include $72,000 and $71,200, with major resistance levels at $72,800 and $73,200.
This surge highlights the volatile yet promising nature of the cryptocurrency market as Bitcoin continues its upward march, fueled by external political developments and internal market dynamics. Bitcoin enthusiasts and investors will be keenly watching the $73,200 and $74,500 resistance levels as potential indicators of the next big move.
