Bitcoin Price On The Rise: Is The $70K Mark Within Reach?

Bitcoin value gained over 15% and broke the $65,000 resistance stage. BTC continues to be displaying constructive indicators and would possibly try to maneuver above the $66,000 stage.

• Bitcoin prolonged its enhance above the $65,000 resistance zone.
• The value is buying and selling above $64,500 and the 100 hourly Easy shifting common.
• There’s a key bullish development line forming with help at $63,850 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair would possibly proceed to maneuver up if it breaks the $66,000 resistance.

Bitcoin Value Extends Enhance, Bulls In Motion

Bitcoin value remained in a bullish zone above the $62,500 and $63,500 resistance ranges. BTC was capable of surpass the $64,000 stage to increase its enhance. The bulls even pushed the worth towards the $66,000 zone.

A excessive was shaped at $66,100 and the worth is now consolidating features. It’s buying and selling effectively above the 23.6% Fib retracement stage of the upward transfer from the $62,466 swing low to the $66,100 excessive. There’s additionally a key bullish development line forming with help at $63,850 on the hourly chart of the BTC/USD pair.

Bitcoin value is now buying and selling above $64,500 and the 100 hourly Easy shifting common. If there’s an upside continuation, the worth may face resistance close to the $66,000 stage. The primary key resistance is close to the $66,500 stage.

A transparent transfer above the $66,500 resistance would possibly spark extra bullish strikes within the coming classes. The subsequent key resistance may very well be $67,200. The subsequent main hurdle sits at $68,000. An in depth above the $68,000 resistance would possibly push the worth additional larger. Within the acknowledged case, the worth may rise and check the $70,000 resistance.

Are Dips Supported In BTC?

If Bitcoin fails to climb above the $66,000 resistance zone, it may begin a draw back correction. Speedy help on the draw back is close to the $66,000 stage.

The primary main help is $64,250 and the 50% Fib retracement stage of the upward transfer from the $62,466 swing low to the $66,100 excessive. The subsequent help is now close to $63,650 and the development line. Any extra losses would possibly ship the worth towards the $62,500 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.

Main Help Ranges – $64,250, adopted by $63,850.

Main Resistance Ranges – $66,000, and $67,200.