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Home»EXCHANGE NEWS»Bitcoin price rally resumes, why BTC could soon hit a new ATH
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Bitcoin price rally resumes, why BTC could soon hit a new ATH

By Crypto FlexsApril 9, 20243 Mins Read
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Bitcoin price rally resumes, why BTC could soon hit a new ATH
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Bitcoin price is rising above the $71,200 resistance level. BTC is showing positive signs and may soon see gains above $72,500.

  • Bitcoin rose above the $69,500 and $70,000 resistance levels.
  • The price is trading above $70,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline forming with support near $70,750.
  • A break above the $72,500 resistance area could push the price higher.

Bitcoin price regains momentum

Bitcoin price began a significant rise above the $68,500 resistance zone. BTC cleared the $69,500 and $70,000 resistance levels to move into positive territory.

The price also cleared the $71,200 resistance area. A high was made near $72,609 and the price is currently correcting an upward trend. There was a move below the $72,000 level. Prices moved below the 23.6% Fib retracement level of the bullish wave from the $68,954 swing low to the $72,609 high.

Bitcoin is currently trading above $70,000 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bullish trend line forming with support near $70,750. The trend line is close to the 50% Fib retracement level of the rising wave from the $68,954 swing low to the $72,609 high.

Immediate resistance is near the $72,000 level. The first major resistance could be at $72,500. The next resistance level is currently at $72,800. If there is a clear move above the $72,800 resistance zone, the price could start a fresh rise.

Source: TradingView.com BTCUSD

If specified, the price could go as high as $73,500. The next major resistance is near $74,000. If more gains occur, Bitcoin may head towards the $75,000 resistance zone in the near term.

Are dips supported in BTC?

If Bitcoin fails to rise above the $72,000 resistance zone, it may continue to fall. Immediate support for the downside lies near the $70,7500 level or the trendline.

The first major support is $70,350. The next grant is $70,000. If it closes below $70,000, the price could start to fall towards the $68,500 level. More losses could lead the price towards the $67,500 support area in the near term.

Technical indicators:

Hourly MACD – MACD is now losing speed in bullish territory.

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

Key support levels – $70,750, then $70,000.

Key resistance levels – $72,000, $72,500, $73,500.

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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