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Home»EXCHANGE NEWS»Bitcoin price reclaims $70K and signals new surge to $75K.
EXCHANGE NEWS

Bitcoin price reclaims $70K and signals new surge to $75K.

By Crypto FlexsMarch 28, 20243 Mins Read
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Bitcoin price reclaims K and signals new surge to K.
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Bitcoin price is rising and is currently trading above the $70,000 resistance level. BTC may continue to rise towards the $73,000 and $75,000 levels in the near term.

  • Bitcoin price remained in positive territory above the $66,500 level.
  • 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) has a bullish trendline attached with support at $67,500.
  • A break above the $71,200 resistance level could continue the upward move for the currency pair.

Bitcoin price rises again

Bitcoin price remained stable above the $65,000 resistance zone. BTC rose above the $67,500 and $68,000 resistance levels. The bulls even pushed the price above the resistance levels of $68,800 and $70,000.

A new weekly high was formed near $71,217 and the price is currently trending upward. It is trading near the 23.6% Fib retracement level, rising from the $66,810 swing low to the $71,217 high. Bitcoin is also trading above $70,000 and the 100-hour simple moving average.

On the hourly chart of the BTC/USD pair, there is also a connecting bullish trendline with support at $67,500. The trend line is close to the 76.4% Fib retracement level rising from the $66,810 swing low to the $71,217 high.

Source: TradingView.com BTCUSD

Immediate resistance is near the $70,500 level. The first major resistance could be at $71,200. If there is a clear move above the $71,200 resistance zone, the price may continue to strengthen. If stated, the price may clear the resistance area of ​​$73,500 in the near term. The next major resistance level is $75,000.

Another drop in BTC?

If Bitcoin fails to rise above the $71,200 resistance zone, another decline could begin. Immediate support for the downside is near the $70,000 level.

The first major support is $69,000. The next support level is $67,800 and it is a trend line. If it closes below $67,800, the price may start to fall towards the $66,800 level. More losses could lead the price towards the $65,500 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 above the 60 level.

Key support levels – $69,000, then $67,800.

Key resistance levels – $70,500, $71,200, $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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