The digital currency powerhouse, Bitcoin, is on another impressive upward trend, surpassing the $70,000 resistance zone. Experts speculate that this exciting Bitcoin rally could propel the price to glorious new heights, potentially reaching the $73,000 and $75,000 benchmarks in near future.
Maintaining a stronghold above its $66,500 mark, the Bitcoin prices have been persistently flourishing. The performance trend indicates the price sustaining comfortably above $70,000, also surpassing the critical descriptor – the 100 hourly Simple Moving Average (SMA).
Additionally, a positively inclined trend line has surfaced, fortified with a supportive base at $67,500 on the hourly chart of the BTC/USD pair. This occurrence further amplifies the favorable conditions for the Bitcoin, suggesting a continued ascent provided it overcomes the staunch $71,200 resistance zone.
Bitcoin has showcased a remarkable resilience by holding firm above the $65,000 resistance zone, mounting an upward journey and breaching resistance levels at $67,500 and $68,000. The rally only grew in strength, magnifying the price beyond $68,800 and $70,000 resistance thresholds.
Articulating in terms of new strides, a fresh weekly pinnacle at $71,217 was inaugurated, and as the latest feature, the price has embarked on a journey to consolidate the gains. Presently, the currency is operating close to the 23.6% Fibonacci retracement level from its climb that commenced from $66,810 swing low to the $71,217 summit.
Highlighting the immediate obstacles of Bitcoin’s ambitious climb, the $70,500 serves as the touchstone followed by a serious contender, the $71,200 mark. However, if Bitcoin manages to dominate the $71,200 resistance domain, the momentum could add to its advantage. In such a scenario, it could even surpass the daunting $73,500 resistance zone in the short run, and then head for the significant $75,000 mark.
Surmise the circumstances wherein Bitcoin’s flight gets grounded in the face of $71,200 resistance wall, a slide might ensue. An immediate downside support marking $70,000 might be called into play under such circumstances.
As the safety net unfolds, the first crucial assist falls at $69,000, shadowed by the subsequent $67,800 support, paralleling the trend line. If a closure is affected below $67,800, a descent towards the $66,800 territory is likely on the books. Any further damage might steer the currency towards $65,500 support domain in the short run.
On observing the technical indicators, Hourly MACD suggests the bull menace depleting in strength, while Hourly RSI (Relative Strength Index) maintains an ascendency above 60 for BTC/USD. Concurrently, the fundamental support and resistance interplays at the $69,000, $67,800, and the $70,500, $71,200, and $73,500 levels respectively.
