Bitcoin Price Trends Upwards

Bitcoin has seen a steady increase, hovering above the $72,000 mark. Currently, BTC is consolidating, and if it manages to break past $73,000, further gains may follow.

• Bitcoin has initiated a notable rally above the $72,000 threshold.
• The current trading price is above $71,200 and also surpasses the 100-hour simple moving average.
• A bullish trendline appears on the hourly chart for the BTC/USD pair, with support around $71,500 (data from Kraken).
• Should the pair cross the $73,000 and $74,000 levels, it could continue its upward movement.

Bitcoin Gains Momentum

The continuous rise in Bitcoin price is noteworthy, as it has now exceeded $70,500. BTC has managed to break through the resistance at both $71,200 and $72,000.

The gains can be attributed to the bulls pushing the price above the 50% Fibonacci retracement level from a peak of $73,928 to a low of $70,200. A bullish trendline is also visible on the hourly BTC/USD chart, which supports at $71,500.

At the moment, Bitcoin is trading above $71,800 and its 100-hour simple moving average. If it can hold above $71,500, there may be another rally attempt. Immediate resistance seems to be at around $72,800, while the significant barrier is close to the $73,000 level, which aligns with the 76.4% Fibonacci retracement from the previous decline.

If the price manages to close above the $73,000 resistance, it may push further up, potentially testing the $73,800 resistance. Additional gains could bring the price nearer to $74,000, with the next significant hurdle for the bulls at $75,000.

Could BTC Decrease Again?

However, if Bitcoin struggles to surpass the $73,000 resistance, a downtrend might start. The immediate support level is near $72,000, while the first major support is around the $71,500 trendline area.

The next support level appears to be around $71,200. If losses continue, the price could decline towards the $70,350 support in the near term. The key support level is currently at $70,000, below which recovery may become challenging for BTC.

Technical Indicators:

Hourly MACD – Currently bullish.

Hourly RSI (Relative Strength Index) – The RSI sits above the 50 mark.

Major support levels – $72,000, followed by $71,500.

Key resistance levels – $73,000 and $74,000.