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Home»EXCHANGE NEWS»Will the Bitcoin price fluctuate sharply and the upward trend extend to $70,000?
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Will the Bitcoin price fluctuate sharply and the upward trend extend to $70,000?

By Crypto FlexsFebruary 29, 20243 Mins Read
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Will the Bitcoin price fluctuate sharply and the upward trend extend to ,000?
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Bitcoin price rose above $62,000. BTC is now consolidating gains and may soon attempt another upward move towards $64,000 resistance.

  • Bitcoin price is consolidating gains below the $60,000 resistance zone.
  • The price is trading above $60,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a connecting bullish trendline with support at $60,950.
  • The pair could extend the current rally towards the $64,000 resistance area.

Bitcoin price jumps above $5,000

Bitcoin price remained strong above the $58,000 resistance zone. BTC formed a new support base and started another rally. It is up more than 10% and has broken many hurdles near $60,000 and $62,000.

The price also soared to around $64,000. A new multi-week high was formed near $64,000 before a sharp decline followed the Coinbase outage. The price plunged towards the $58,000 support area. A low was formed near $57,919 and the price began a new bounce.

It broke the $60,000 resistance line again. There was movement above the 50% Fib retracement level with a downward move from the $64,000 swing high to the $57,919 low.

Bitcoin is currently trading above $60,000 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 $60,950. Immediate resistance is near the $62,500 level. It is close to the 76.4% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low.

Source: TradingView.com BTCUSD

The next major resistance could be $64,000, above which the price may rise towards the $65,000 resistance zone. If the bulls remain active, the price may cross $65,000 and test $66,400. The biggest hurdle for them appears to be around $68,000.

Are dips supported in BTC?

If Bitcoin fails to rise above the $62,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $60,800 level and trend line.

The first major grant is $60,000. If there is a close below $60,000, the price could begin a significant decline towards the $58,000 area. Any more losses could lead the price towards the $56,500 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 – $60,800, then $60,000.

Key resistance levels – $62,500, $64,000 and $65,000.

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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