Bitcoin Price On The Rise: Is The $70K Mark Within Reach?
17 Juillet 2024 - 4:55AM
NEWSBTC
Bitcoin price gained over 15% and broke the $65,000 resistance
level. BTC is still showing positive signs and might attempt to
move above the $66,000 level. Bitcoin extended its increase above
the $65,000 resistance zone. The price is trading above $64,500 and
the 100 hourly Simple moving average. There is a key bullish trend
line forming with support at $63,850 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair might continue to
move up if it breaks the $66,000 resistance. Bitcoin Price Extends
Increase, Bulls In Action Bitcoin price remained in a bullish zone
above the $62,500 and $63,500 resistance levels. BTC was able to
surpass the $64,000 level to extend its increase. The bulls even
pushed the price toward the $66,000 zone. A high was formed at
$66,100 and the price is now consolidating gains. It is trading
well above the 23.6% Fib retracement level of the upward move from
the $62,466 swing low to the $66,100 high. There is also a key
bullish trend line forming with support at $63,850 on the hourly
chart of the BTC/USD pair. Bitcoin price is now trading above
$64,500 and the 100 hourly Simple moving average. If there is an
upside continuation, the price could face resistance near the
$66,000 level. The first key resistance is near the $66,500 level.
A clear move above the $66,500 resistance might spark more bullish
moves in the coming sessions. The next key resistance could be
$67,200. The next major hurdle sits at $68,000. A close above the
$68,000 resistance might push the price further higher. In the
stated case, the price could rise and test the $70,000 resistance.
Are Dips Supported In BTC? If Bitcoin fails to climb above the
$66,000 resistance zone, it could start a downside correction.
Immediate support on the downside is near the $66,000 level. The
first major support is $64,250 and the 50% Fib retracement level of
the upward move from the $62,466 swing low to the $66,100 high. The
next support is now near $63,650 and the trend line. Any more
losses might send the price toward the $62,500 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 – $64,250, followed by $63,850. Major Resistance
Levels – $66,000, and $67,200.
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