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Home»EXCHANGE NEWS»Bitcoin price is eyeing a new ATH, $70K could be the next hurdle.
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Bitcoin price is eyeing a new ATH, $70K could be the next hurdle.

By Crypto FlexsMarch 5, 20243 Mins Read
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Bitcoin price is eyeing a new ATH, K could be the next hurdle.
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Bitcoin price is up more than 8% and is trading above the $67,500 resistance level. BTC is hitting new all-time highs and may reach the $70,000 level.

  • Bitcoin price is rising above the $66,500 support zone.
  • The price is trading above $67,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline attached with support at $66,000.
  • The pair could rise to the $69,200 resistance level or even $70,000.

Bitcoin price rebounds again

Bitcoin price remained above the $65,000 support area. A new support base was formed and the price crossed the $66,000 level to begin another uptrend. It steadily increased to the $67,500 level.

The price rose by more than 8% and was trading close to an all-time high. A high was formed at $68,786 and the price is currently consolidating gains above the 23.6% Fib retracement level rising from the $61,400 swing low to the $68,786 high.

Bitcoin is currently trading above $67,500 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a connecting bullish trendline with support at $66,000.

Source: TradingView.com BTCUSD

Immediate resistance is near the $68,800 level. The next major resistance could be $69,200, above which the price could rise towards the $70,000 resistance zone. A clear break above the $70,000 resistance zone could push the price towards the $71,200 level. If more profits are made, the price could rise to the $75,000 level.

Fixing BTC’s shortcomings?

If Bitcoin fails to rise above the $68,800 resistance zone, another downward correction could begin. Immediate support for the downside is near the $67,000 level.

The first major support is at $66,000 or the trend line. If the close is below $66,000, the price could begin a significant decline towards the 50% Fib retracement level from the $61,400 swing low to the $68,786 high or $65,000. Any more losses could lead the price towards the $63,200 support area.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bullish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $67,000, then $66,000.

Key resistance levels – $68,800, $69,200 and $70,000.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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