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Bitcoin worth is holding positive factors above the $70,000 resistance. BTC is now displaying optimistic indicators and may purpose for a transfer above the $73,000 stage.

• Bitcoin worth prolonged its enhance and examined the $73,000 zone.
• The worth is buying and selling above $71,500 and the 100 hourly Simple shifting common.
• There is a connecting bullish development line forming with help at $71,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may proceed to maneuver up if it clears the $72,850 and $73,000 resistance ranges.

Bitcoin Price Sets New ATH

Bitcoin worth remained secure above the $70,000 stage. BTC gained tempo and was in a position to prolong its enhance above the $72,500 stage. It even spiked above the $72,850 resistance however the upsides have been restricted.

The worth traded to a brand new all-time excessive at $73,000 earlier than there was a draw back correction. The worth declined beneath the $72,000 and $71,500 ranges. A low was fashioned close to $68,660 and the worth is once more rising. There was a transfer above the $71,000 stage.

The worth cleared the 50% Fib retracement stage of the downward transfer from the $73,000 swing excessive to the $68,660 low. There can also be a connecting bullish development line forming with help at $71,300 on the hourly chart of the BTC/USD pair.

Bitcoin is now buying and selling above $71,500 and the 100 hourly Simple moving average. Immediate resistance is close to the $72,000 stage and the 76.4% Fib retracement stage of the downward transfer from the $73,000 swing excessive to the $68,660 low.

Source: BTCUSD on TradingView.com

The subsequent key resistance may very well be $72,850, above which the worth may rise towards the $73,000 resistance zone. If there’s a clear transfer above the $73,000 resistance zone, the worth may even try a transfer above the $74,000 resistance zone. Any extra positive factors may ship the worth towards the $75,000 stage.

Another Downside Correction In BTC?

If Bitcoin fails to rise above the $72,000 resistance zone, it may begin a draw back correction. Immediate help on the draw back is close to the $71,300 stage and the development line.

The first main help is $70,000 or 100 hourly SMA. If there’s a shut beneath $70,000, the worth may begin a good pullback towards the $68,650 stage. Any extra losses may ship the worth towards the $66,500 help zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $71,300, adopted by $70,000.

Major Resistance Levels – $72,000, $72,850, and $73,000.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your personal analysis earlier than making any funding selections. Use info supplied on this web site solely at your personal danger.