Bitcoin Value Skyrockets Over $70,000, indicating Bullish Trend Towards Further Climb

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In a striking flourish of crypto-economic prowess, Bitcoin’s value dramatically escalated over 8%, propelling its apex worth above $70,000 and exhibiting a promising trend towards further climb.

In a period of rousing upsurge, Bitcoin made a fresh and breathtaking rise above the formidable resistance of the $70,000 zone, an achievement that served as a momentous milestone in the digital currency’s journey. The newly established price settled resolutely above an astounding figure of $79,000. Adding to this virtuoso performance, it remained positioned comfortably above the 100 hourly Simple moving average, demonstrating further the strength of its burgeoning ascent.

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As Bitcoin continued its impassioned march upwards, a bullish trend line emerged, forming a stalwart support at a vigorous $70,500 on the hourly chart of the BTC/USD pair. This trend, though volatile – a hallmark of the cryptomarket – suggested that further increase might be on the horizon unless a bearish push threatened to depress the landmark level below $68,800.

Bitcoin’s staggering price journey began to pick up pace after forming solid ground above a steadfast $66,500 level. The commencement of Ethereum’s rally above $3,200 fueled Bitcoin’s own journey upwards, its value defiantly breaching the $68,000 resistance zone.

The rise in the wake of the $70,000 resistance proved to be a game-changer with Bitcoin’s price catapulting by over 8%, even venturing into the nerve-wracking $72,000 resistance stratosphere. A fresh weekly high emerged as the price hit an increase at $71,896, settling into a phase of consolidating these substantial gains.

Bitcoin’s forecast seemed undeniably promising. The value ascended beyond the $79,000 realm and sailed comfortably above the 100 hourly Simple moving average. With a bullish trend forming and support established at $70,500 on the hourly chart of the BTC/USD pair, more hikes seemed plausible.

Currently, Bitcoin finds itself up against potential resistance near the $71,850 mark. If overcome, the first significant resistance poised at $72,000. With no significant hurdle until the $72,500 mark, a swift and decisive advance beyond it could further propel its value. Should this scenario transpire, Bitcoin price could be up for a serious challenge, potentially testing the $73,200 resistance level.

If Bitcoin’s bullish momentum persists, the ascent can be expected to reach the $74,400 resistance zone. Further elevation might conceivably hurdle the price towards the once elusive $75,000 barrier.

However, should the digital currency fail to climb above the imposing $72,000 resistance level, a downward correction may follow. Immediate support hovers near the $70,500 mark and the newly formed trend line. Meanwhile, the main support appears to consolidate around $68,850 or the 50% Fib retracement level of the upward move, oscillating between a swing low of $66,047 to the high of $71,896.

With the MACD gaining momentum in the bullish zone and the RSI for BTC/USD comfortably situated above as 70, the digital currency seems to remain unphased by potential setbacks. However, only time will narrate the real tale of Bitcoin’s reality – one that remains speckled with challenges as much as opportunities in the volatile world of cryptocurrency.