🚀🚀🚀 #Bitcoin Price Resumes Rally As The Bulls Now Aim For $75K
Bitcoin's price has surged once again, surpassing the crucial $70,000 resistance level. As the bulls push BTC past $72,000, the focus now shifts towards reaching $75,000.
BTC saw a steady climb above $70,000 and $71,000, currently trading above $71,500 and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair from Kraken, a short-term contracting triangle is taking shape, with resistance around $72,500.
Should BTC manage to break above the $72,500 and $72,850 resistance levels, the upward momentum is likely to persist. The price action suggests a potential attempt to breach the $73,500 resistance zone, paving the way for further gains towards $74,000 and beyond, potentially targeting the $75,000 level.
Bitcoin has established a new all-time high at $72,866 and is currently consolidating near the 23.6% Fibonacci retracement level of the recent swing from $67,666 to $72,866. With immediate resistance around $72,500 and the triangle formation, sustained bullish momentum could drive BTC higher.
However, a failure to breach the $72,500 resistance may lead to a downside correction. Initial support is expected near $72,000, followed by the $70,000 level. Further downside could see a retracement towards $68,500, with a more substantial support zone near $66,600.
Analyzing the technical indicators, the hourly #MACD is showing signs of slowing down in the #bullish zone, while the hourly #RSI for BTC/USD remains above the 50 level, indicating ongoing bullish sentiment.
Key support levels to monitor include $72,000 and $70,000, while resistance levels to watch out for are at $72,500, $72,850, and $73,500.
Source - newsbtc.com
