Bitcoin price rises above $70,000 again. BTC is showing signs of strength and could even break the $73,500 resistance zone amid Trump’s lead.
- Bitcoin started a new rise above the $70,000 zone.
- The price is trading above $71,000 and the 100 hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $68,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to rise above the $73,000 resistance zone.
Bitcoin Price Rises Over 5%
Bitcoin price remained steady at the USD 65,500 support zone. A base was formed and BTC price started a new rise above the USD 68,500 resistance.
Trump clears the lead and sparks another rally in BTC. The price rose by more than 5% and crossed the $70,000 mark. It surpassed the 50% Fib retracement level of the downward move from the $73,574 swing high to the $66,836 low.
There was a break above a key bearish trendline with resistance at $68,450 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $72,000 and the 100 hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $73,574 swing high to the $66,836 low.
On the upside, the price could encounter resistance near the USD 72,800 level. The first major resistance is around the $73,200 level. A clear move above the USD 73,200 resistance could push the price higher. The next major resistance could be at USD 74,500.
A close above the $74,500 resistance could lead to more gains. In the said case, the price could rise and test the USD 75,000 resistance level. Any further gains could send the price towards the USD 78,000 resistance level.
Are dips limited in BTC?
If Bitcoin fails to rise above the USD 73,200 resistance zone, it could trigger another decline. The immediate downside support is near the USD 72,000 level.
The first major support is near the $71,200 level. The next support is now near the $70,500 zone. Any further losses could send the price towards the $70,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 72,000, followed by USD 71,200.
Major resistance levels – $72,800 and $73,200.