Bitcoin Price Gains Momentum: Bullish Surge Ahead?
04 Juin 2024 - 4:08AM
NEWSBTC
Bitcoin price found support at $67,000 and started a fresh
increase. BTC climbed above $69,500 and might continue to rise in
the near term. Bitcoin started a decent increase above the $68,500
and $69,500 resistance levels. The price is trading above $68,500
and the 100 hourly Simple moving average. There was a break above a
key bearish trend line with resistance at $68,000 on the hourly
chart of the BTC/USD pair (data feed from Kraken). The pair could
gain bullish momentum if it settles above the $69,500 level.
Bitcoin Price Remains Traction Bitcoin price extended its decline
below the $67,200 level. BTC retested the $66,650 zone and recently
started a fresh increase. There was a clear move above the $68,500
resistance zone. There was a break above a key bearish trend line
with resistance at $68,000 on the hourly chart of the BTC/USD pair.
The pair even cleared the $69,500 resistance zone and spiked above
$70,000. A high was formed at $70,253 and the price is now
correcting gains. There was a move below the $69,500 level. The
price dipped below the 23.6% Fib retracement level of the upward
move from the $67,283 swing low to the $70,253 high. Bitcoin is now
trading above $68,500 and the 100 hourly Simple moving average. It
is also holding gains above the 50% Fib retracement level of the
upward move from the $67,283 swing low to the $70,253 high. On the
upside, the price is facing resistance near the $69,200 level. The
first major resistance could be $69,550. The next key resistance
could be $70,000. A clear move above the $70,200 resistance might
send the price higher. In the stated case, the price could rise and
test the $70,600 resistance. Any more gains might send BTC toward
the $72,000 resistance. Another Decline In BTC? If Bitcoin fails to
climb above the $69,500 resistance zone, it could start another
decline. Immediate support on the downside is near the $68,750
level. The first major support is $68,400. The next support is now
forming near $68,000. Any more losses might send the price toward
the $67,200 support zone in the near term. Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now
above the 50 level. Major Support Levels – $68,400, followed by
$68,000. Major Resistance Levels – $69,500, and $70,000.
Bitcoin (COIN:BTCUSD)
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