Bitcoin price has managed to hold gains above the $70,000 resistance level. Currently, BTC is showing positive signs and could potentially aim for a move above the $73,000 mark. The recent market activity has been bullish, with the price extending its increase and testing the $73,000 zone.
Technical Analysis
The price of Bitcoin is currently trading above $71,500 and the 100 hourly Simple Moving Average (SMA). There is a connecting bullish trend line forming with support around $71,300 on the hourly chart of the BTC/USD pair. If the pair is able to clear the $72,850 and $73,000 resistance levels, it could continue its upward trajectory.
Bitcoin price remained relatively stable above the $70,000 level, gaining momentum and extending its increase past $72,500. Although a new all-time high was reached at $73,000, a downside correction followed. The price dipped below $72,000 and $71,500, forming a new low near $68,660 before starting to rise again. A move above the $71,000 level occurred, clearing the 50% Fib retracement level of the recent downward move.
The immediate resistance for Bitcoin is around $72,000, followed by the 76.4% Fib retracement level. The next key resistance is expected at $72,850, potentially opening the path for the price to rise towards $73,000 and even attempt a move above the $74,000 resistance zone. On the downside, if Bitcoin fails to break above the $72,000 resistance, it could trigger a correction. Immediate support is near $71,300 and the bullish trend line, with further support at $70,000 and the 100 hourly SMA.
Technical Indicators
The hourly MACD for Bitcoin is gaining pace in the bullish zone, indicating a positive trend. The Relative Strength Index (RSI) for BTC/USD is currently above the 50 level, signaling strength in the market.
While Bitcoin is showing positive signs and aiming for higher resistance levels, investors should remain cautious. The cryptocurrency market is volatile, and price movements can change rapidly. It is essential to conduct thorough research and analysis before making any investment decisions. Bitcoin’s performance in the coming days will be crucial in determining whether it can break above $73,000 and continue its upward trend towards $75,000. Stay informed and trade wisely.
**Disclaimer: This article is for educational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries risks, and individuals are encouraged to conduct their own research before making any investment decisions.**