Bitcoin price has seen another surge in value, breaking through key resistance levels at $70,000 and $71,000. Bulls have taken control of the market as the price has climbed above $72,000 and is now eyeing a move towards $75,000.
Currently, Bitcoin is trading above $71,500 and the 100 hourly simple moving average. A short-term contracting triangle is forming with resistance at $72,500 on the hourly chart. If the price manages to break above the $72,500 and $72,850 resistance levels, we could see a further uptrend.
Support and Resistance Levels
In case of a downside correction, immediate support lies near the $72,000 level. The first major support level is at $70,000, followed by the 50% Fibonacci retracement level. If the price falls below $70,000, a pullback towards $68,500 could be in the cards. Further losses might lead Bitcoin towards the $66,600 support zone.
On the upside, if the price manages to break through the $73,500 resistance zone, we may see a push towards $74,000 and potentially even $75,000. However, if Bitcoin fails to rise above the $72,500 resistance zone, a downside correction could be on the horizon.
The hourly MACD is showing signs of losing pace in the bullish zone, indicating a possible shift in momentum. Meanwhile, the hourly RSI for BTC/USD is currently above the 50 level, suggesting a positive trend.
Overall, Bitcoin price is showing signs of strength and bullish momentum. While there may be some resistance at key levels, a clear move above $73,500 could pave the way for further gains. It is important for investors to conduct their own research and make informed decisions when it comes to trading in cryptocurrencies. Remember, investing carries inherent risks, so always proceed with caution and use information at your own discretion.