Bitcoin Price Sets Eyes On New ATH, $70K Could Be Next Hurdle
05 März 2024 - 4:21AM
NEWSBTC
Bitcoin price is up over 8% and trading above the $67,500
resistance. BTC is eyeing a new all-time high and could even hit
the $70,000 level. Bitcoin price is moving higher above the $66,500
support zone. The price is trading above $67,500 and the 100 hourly
Simple moving average. There is a connecting bullish trend line
forming with support at $66,000 on the hourly chart of the BTC/USD
pair (data feed from Kraken). The pair could accelerate higher
toward the $69,200 resistance or even $70,000. Bitcoin Price
Rallies Again Bitcoin price remained well-bid above the $65,000
support zone. A new support base was formed, and the price started
another rally above the $66,000 level. There was a steady increase
toward the $67,500 level. The price is up over 8% and it traded
close to the last all-time high. A high is formed at $68,786 and
the price is now consolidating gains above the 23.6% Fib
retracement level of the upward move from the $61,400 swing low to
the $68,786 high. Bitcoin is now trading above $67,500 and the 100
hourly Simple moving average. There is also a connecting bullish
trend line forming with support at $66,000 on the hourly chart of
the BTC/USD pair. Source: BTCUSD on TradingView.com Immediate
resistance is near the $68,800 level. The next key resistance could
be $69,200, above which the price could rise toward the $70,000
resistance zone. If there is a clear move above the $70,000
resistance zone, the price could rise toward the $71,200 level. Any
more gains might send the price toward the $75,000 level. Downside
Correction In BTC? If Bitcoin fails to rise above the $68,800
resistance zone, it could start another downside correction.
Immediate support on the downside is near the $67,000 level. The
first major support is $66,000 or the trend line. If there is a
close below $66,000, the price could start a decent pullback toward
the 50% Fib retracement level of the upward move from the $61,400
swing low to the $68,786 high or $65,000. Any more losses might
send the price toward the $63,200 support zone. 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 – $67,000,
followed by $66,000. Major Resistance Levels – $68,800, $69,200,
and $70,000.
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