Bitcoin Price Outlook: BTC Eyes Further Upside Potential
Bitcoin price has started a fresh increase above the $70,000 resistance, showing positive signs of further growth in the near term. The leading cryptocurrency has successfully cleared the $69,500 and $70,000 levels, trading above $69,500 and the 100 hourly Simple moving average.
A key bullish trend line is forming with support at $69,200 on the hourly chart of the BTC/USD pair, indicating a potential bullish momentum if the price settles above the $71,200 level. The bulls have pushed the price above $71,200, with a high of $71,238, and the price is currently consolidating gains.
If Bitcoin continues to climb, it could face resistance near the $71,500 level, with the next key resistance at $72,000. A clear move above the $72,000 resistance could propel the price higher towards the $73,200 resistance, and potentially even reach $75,000.
However, if Bitcoin fails to break above the $71,200 resistance zone, it could see another decline. Immediate support on the downside is near the $70,300 level, followed by $69,400 or the trend line. Further support is forming near $69,200 or the 50% Fib retracement level.
Technical indicators suggest a bullish momentum, with the MACD gaining pace in the bullish zone and the RSI for BTC/USD above the 50 level. Major support levels are at $70,300 and $69,400, while major resistance levels are at $71,200 and $72,000.
Overall, Bitcoin’s price movement is closely watched by investors and traders, with the potential for further upside if it breaks above key resistance levels. Stay tuned for more updates on Bitcoin’s price action.
