Bitcoin price is rebounding above $72,000. BTC is up more than 5% and could soon target a new all-time high above $73,500.
- Bitcoin began a new rally above the $70,000 area.
- The price is trading above $70,500 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 $69,000.
- The pair is surging and may break above the $73,500 resistance zone or even hit a new all-time high.
Bitcoin price still maintains an upward trend
Bitcoin price remained strong above the $70,000 level. BTC formed a base and began a new rise above the $71,200 resistance level. The bulls could push the price above the $72,000 resistance level.
The price strengthened again and surpassed the $72,500 mark. It is up more than 5% and is trading above the $72,000 level. The highest was reached at $73,574 and the price is currently trending upward. This is just above the 23.6% Fib retracement level of the rise from the $65,530 swing low to the $73,574 high.
Bitcoin price is currently trading above $72,000 and the 100-hour simple moving average. On the other hand, the price may face resistance near $73,200.
The first major resistance is near the $73,550 level. A clear break above the $73,550 resistance could push the price higher. The next major resistance could be $74,200. A break above the $74,200 resistance could lead to further gains. If indicated, the price could move higher to test the $75,000 resistance level. Any more gains may push the price towards the $75,800 resistance level. A test of $76,500 may be needed to see further gains.
Are dips limited in BTC?
If Bitcoin fails to rise above the $73,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $71,650 level.
The first major support is near the $69,500 level or the 50% Fib retracement level rising from the $65,530 swing low to the $73,574 high. The next support is now near the $68,500 area. More losses could push the price towards the $67,200 support in the near term.
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 – $71,650, then $69,500.
Key resistance levels – $73,500 and $75,000.