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Home»EXCHANGE NEWS»Bitcoin price upward momentum: Will there be a surge ahead?
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Bitcoin price upward momentum: Will there be a surge ahead?

By Crypto FlexsJune 4, 20242 Mins Read
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Bitcoin price upward momentum: Will there be a surge ahead?
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Bitcoin price found support at $67,000 and started a new rise. BTC has risen above $69,500 and may continue to rise in the near term.

  • Bitcoin began a significant rise above the $68,500 and $69,500 resistance levels.
  • The price is trading above $68,500 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $68,000.
  • A stabilization above the $69,500 level could provide bullish momentum.

Bitcoin price still maintains traction

Bitcoin price continued its downward trend below the $67,200 level. BTC retested the $66,650 area and recently started a fresh hike. There was a clear move above the $68,500 resistance zone.

On the hourly chart of the BTC/USD pair, a breakout occurred above the main bearish trend line with resistance at $68,000. The pair passed the $69,500 resistance area and surged above $70,000. A high was formed at $70,253 and the price is currently correcting to the upside.

There was a move below the $69,500 level. The price fell below the 23.6% Fib retracement level, rising from the $67,283 swing low to the $70,253 high.

Bitcoin is currently trading above $68,500 and the 100-hour simple moving average. It is also holding gains above the 50% Fib retracement level rising from the $67,283 swing low to the $70,253 high. On the other hand, the price is finding resistance near $69,200.

Source: TradingView.com BTCUSD

The first major resistance could be at $69,550. The next major resistance could be $70,000. A clear break above the $70,200 resistance level could push the price higher. If indicated, the price could move higher to test the $70,600 resistance. Any more gains could push BTC towards $72,000 resistance.

Another drop in BTC?

If Bitcoin fails to rise above the $69,500 resistance zone, another decline could begin. Immediate support for the downside is near the $68,750 level.

The first major support is $68,400. The next support is currently forming near $68,000. More losses could lead the price towards the $67,200 support area 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 – $68,400, then $68,000.

Key resistance levels – $69,500 and $70,000.

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