Bitcoin Price Soars Back: Reclaims the Coveted $70K Milestone
May 20 2024 - 9:15PM
NEWSBTC
Bitcoin price gained over 8% and surged above $70,000. BTC is now
consolidating gains and showing signs of more upsides in the near
term. Bitcoin started a fresh increase above the $70,000 resistance
zone. The price is trading above $79,000 and the 100 hourly Simple
moving average. There is a connecting bullish trend line forming
with support at $70,500 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could start another increase
unless the bears push it below $68,800. Bitcoin Price Pumps 8%
Bitcoin price formed a base above the $66,500 level. BTC started a
fresh increase above the $68,000 resistance zone after Ethereum
rallied above $3,200. There was a strong move above the $70,000
resistance zone. The price gained over 8% and even tested the
$72,000 resistance zone. A new weekly high was formed at $71,896
and the price is now consolidating gains. The price is well above
the 23.6% Fib retracement level of the upward move from the $66,047
swing low to the $71,896 high. Bitcoin is also trading above
$79,000 and the 100 hourly Simple moving average. Besides, there is
a connecting bullish trend line forming with support at $70,500 on
the hourly chart of the BTC/USD pair. The price is now facing
resistance near the $71,850 level. The first major resistance could
be $72,000. The next key resistance could be $72,500. A clear move
above the $72,500 resistance might send the price higher. In the
stated case, the price could rise and test the $73,200 resistance.
If the bulls remain in action, the price could rise toward the
$74,400 resistance zone. Any more gains might send BTC toward the
$75,000 barrier. Are Dips Limited In BTC? If Bitcoin fails to climb
above the $72,000 resistance zone, it could start a downside
correction. Immediate support on the downside is near the $70,500
level and the trend line. The first major support is $70,000. The
main support is now forming near $68,850 or the 50% Fib retracement
level of the upward move from the $66,047 swing low to the $71,896
high. Any more losses might send the price toward the $67,450
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 70
level. Major Support Levels – $70,500, followed by $70,000. Major
Resistance Levels – $71,850, $72,000, and $72,500.
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