The price of Bitcoin has displayed vigour by surpassing the $70,000 resistance, with its current valuation exceeding $70,500. Analysts suggest that if the cryptocurrency maintains its trajectory, it may reach towards the $73,000 and potentially $75,000 marks shortly.
Bitcoin Holds Above Crucial Support
Recent data points to a bullish phase for Bitcoin, as it hovers above $70,500, having kept above the key support level of $66,500. Its position over the 100-hour Simple Moving Average further reinforces the positive outlook for the digital currency.
A significant trend line on the hourly Bitcoin/USD chart reveals support around $67,500, aligning with a key Fibonacci retracement level and hinting at the robust upward momentum of Bitcoin.
As it stands, Bitcoin faces an immediate hurdle near $70,700, with a decisive climb over the $71,200 threshold possibly kicking off a stronger ascent. Overcoming this barrier could see Bitcoin clear the $73,500 resistance zone, paving the way to $75,000.
Potential Dips and Key Supports
Should Bitcoin be unable to break the $71,200 resistance, the possibility of a downward correction comes into play. The immediate support is pegged at $70,000, with a fall below the vital $69,000 mark likely to amplify selling pressure. Yet, the support at $67,800 could act as a buffer against a steeper plunge.
A breach beneath this support line may set the stage for a drop to $66,800, and potentially a further slip to the $65,500 support zone.
Technical Indicators Show Mixed Signals
Technical analysis shows the hourly MACD waning in the bullish territory, while the RSI stands above 60 for the BTC/USD pair, hinting at the continuance of bullish momentum.
Market participants are closely watching the $69,000 and $67,800 levels. Fluctuations around these points could offer deeper insights into Bitcoin’s near-term directional bias.
