The price of bitcoin is rising above the resistance level of $71,200. Positive indicators are emerging for Bitcoin, which may shortly surpass $72,500 in gains.
Above the resistance levels of $69,500 and $70,000, bitcoin continued to rise.
The 100 hourly Simple moving average and $70,000 are being crossed by the price.
On the hourly chart of the BTC/USD pair, a significant bullish trend line is forming, with support located at $70,750 (data feed from Kraken).
If the pair breaks through the $72,500 resistance level, it might move higher.
The Price of Bitcoin Regains Momentum
The price of bitcoin began to rise steadily above the $68,500 resistance level. In order to enter a positive area, BTC overcame the resistance levels at $69,500 and $70,000.
Even the $71,200 resistance zone was broken by the price. At $72,609, a high was established, and the price is currently correcting gains. Something moved below the $72,000 mark. The ascending wave from the $68,954 swing low to the $72,609 high was corrected downward by the price below the 23.6% Fib retracement level.
The 100 hourly Simple Moving Average and $70,000 are currently being traded above by Bitcoin. On the hourly chart of the BTC/USD pair, a significant bullish trend line is also formed, with support located close to $70,750. The trend line of the rising wave from the $68,954 swing low to the $72,609 high is in close proximity to the 50% Fib retracement level.
A resistance level close to $72,000 is the immediate one. $72,500 might be the first significant barrier. The current next point of resistance is $72,800. The price may begin a new upward trend if there is a discernible rise over the resistance zone of $72,800.
Are Bitcoin Dips Supported?
Bitcoin may continue to decline if it is unable to break over the barrier level of $72,000. The trend line or the $70,7500 mark provide immediate support on the downside.
70,350 is the first big support. At $70,000, there is the next support level. Price may begin to decline toward $68,500 if there is a closing below $70,000. In the short term, pricing may move toward the $67,500 support zone if there are any more losses.
Hourly MACD: At this point, the bullish zone of the MACD is losing ground.
Hourly Relative Strength Index (RSI): The BTC/USD RSI is currently in proximity to the 50 mark.
Levels of Major Support: $70,750, then $70,000.
Crucial Barriers: $72,000, $72,500, and $73,500.
April 2024, Cryptoniteuae
