Bitcoin Price Eyes Next Breakout As The Bulls Aim For $70K
24 Abril 2024 - 12:12AM
NEWSBTC
Bitcoin price climbed above the $66,000 resistance zone and started
consolidation. BTC is now eyeing the next move above the $67,200
resistance zone. Bitcoin is eyeing a decent increase above the
$67,200 resistance zone. The price is trading above $65,500 and the
100 hourly Simple moving average. There is a connecting bullish
trend line forming with support at $65,900 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could gain
bullish momentum if it clears the $67,200 resistance zone. Bitcoin
Price Eyes More Upsides Bitcoin price started a fresh increase
above the $65,500 and $66,000 resistance levels. BTC even climbed
above the $67,000 level. It traded as high as $67,200 and is
currently consolidating gains. There was a minor decline below the
$66,500 level, but the price remained stable above the 23.6% Fib
retracement level of the upward move from the $64,280 swing low to
the $67,200 low. Bitcoin price is still trading above $65,500 and
the 100 hourly Simple moving average. There is also a connecting
bullish trend line forming with support at $65,900 on the hourly
chart of the BTC/USD pair. The trend line is near the 50% Fib
retracement level of the upward move from the $64,280 swing low to
the $67,200 low. Immediate resistance is near the $67,000 level.
The first major resistance could be $67,200. A clear move above the
$67,200 resistance might send the price higher. The next resistance
now sits at $68,500. If there is a clear move above the $68,500
resistance zone, the price could continue to move up. In the stated
case, the price could rise toward $70,000. Source: BTCUSD on
TradingView.com The next major resistance is near the $70,500 zone.
Any more gains might send Bitcoin toward the $72,000 resistance
zone in the near term. Are Dips Limited In BTC? If Bitcoin fails to
rise above the $67,000 resistance zone, it could start a downside
correction. Immediate support on the downside is near the $66,200
level. The first major support is $66,000 or the trend line. If
there is a close below $66,000, the price could start to drop
toward $65,400. Any more losses might send the price toward the
$64,200 support zone in the near term. Technical indicators: Hourly
MACD – The MACD is now losing pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now above the 50
level. Major Support Levels – $66,200, followed by $66,000. Major
Resistance Levels – $67,000, $67,200, and $68,500.
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