In a remarkable surge, Bitcoin‘s value soared to an unprecedented high of $73,777, signaling a potential trend towards the $80,000 mark. Investors and analysts are keenly observing this bullish momentum, anticipating the next critical levels for the cryptocurrency. With a strong foundation established above the $72,000 threshold, Bitcoin’s ascent seems unfettered by major resistance at the moment.
Surge Above Key Benchmarks
Currently, Bitcoin’s price is exhibiting upward trends, maintaining its position well over the $72,500 mark and the 100-hour Simple Moving Average. The hourly chart presents a rising trend line with notable support around $72,800. Overcoming the immediate resistances near $73,450 and $73,500 could propel Bitcoin to continue its climb.
Record Highs in Local Currency
In addition to its gains against the dollar, Bitcoin also achieved a new peak trading at 2,401,021 Turkish Lira. The recent price movements show Bitcoin rebounding after a slight retraction from its record high, with current trading levels sustaining above $73,000.
The cryptocurrency’s bullish stance is further cemented by holding above the 50% Fib retracement level from its recent rally. Should Bitcoin edge past the $73,500 resistance, it could make its way towards the $74,200 zone, with potential to challenge the $75,000 threshold, and possibly extend gains up to $76,500.
Correction Risks on the Horizon?
However, Bitcoin faces potential correction risks should it not breach the $73,500 resistance. The downside support at $72,800 is crucial; slipping below this could see the price aiming for $72,150. A further dip could send values retreating towards the $70,000 mark, with the next significant support level at $68,500.