Bitcoin is currently displaying a positive trend as it moves higher above the $71,200 resistance level. The price has successfully surpassed the $69,500 and $70,000 resistance levels, indicating a bullish momentum. Trading above $70,000 and the 100 hourly Simple Moving Average, Bitcoin seems to be on a path towards further gains.
A crucial bullish trend line is forming with support around $70,750 on the hourly chart of the BTC/USD pair. This trend line, coupled with the 50% Fib retracement level, suggests a supportive structure for Bitcoin’s upward movement. Immediate resistance levels are seen at $72,000, $72,500, and $72,800, with a potential rise towards $73,500 if the price clears the current resistance zone.
Should Bitcoin fail to break above the $72,000 resistance level, a downward movement may be expected. Immediate support is identified near $70,750, followed by $70,350 and $70,000. A breach below $70,000 could lead to a drop towards $68,500, with further losses potentially reaching the $67,500 support zone in the near term.
Hourly MACD shows a slowdown in the bullish momentum, signaling a possible correction in the price movement. The Hourly RSI for BTC/USD is hovering near the 50 level, indicating a neutral stance in the short term. Major support levels to watch out for are $70,750 and $70,000, while major resistance levels are at $72,000, $72,500, and $73,500.
Bitcoin’s price movement appears to be heading towards a crucial decision point at the $72,000 resistance level. A breakout above this level could pave the way for further gains, while a failure to do so might result in a downward correction. It is essential for investors to conduct thorough research and exercise caution when making investment decisions, as cryptocurrency trading carries inherent risks.
Disclaimer: This article is intended for educational purposes only and does not constitute investment advice. The opinions expressed here are not endorsed by NewsBTC, and individuals are encouraged to make their own informed decisions before entering the market. Trading cryptocurrencies involves risks that should be carefully considered before committing to any trades.