Friday, December 27, 2024
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Steady Ascent Points to Bullish Momentum

Bitcoin price started a decent increase above the $70,500 resistance. BTC is showing positive signs and might gain bullish momentum above the $72,000 resistance in the near term.

  • Bitcoin extended its increase above the $70,000 and $70,500 resistance levels.
  • The price is trading above $70,000 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $70,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it settles above the $72,000 level.

Bitcoin Price Regains Strength

Bitcoin price remained stable above the $69,500 zone its extended its increase. BTC was able to clear the $70,000 and $70,200 levels to move further into a positive zone.

The bulls even pushed the price above $70,500. A high was formed at $71,682 and the price is now consolidating gains. The price is holding gains above the 23.6% Fib retracement level of the upward move from the $67,285 swing low to the $71,682 high.

Bitcoin is now trading above $70,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $70,600 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, the price is facing resistance near the $71,400 level. The first major resistance could be $71,650. The next key resistance could be $72,000. A clear move above the $72,000 resistance might send the price higher. In the stated case, the price could rise and test the $73,200 resistance. Any more gains might send BTC toward the $75,000 resistance.

Are Dips Limited In BTC?

If Bitcoin fails to climb above the $71,400 resistance zone, it could start another decline. Immediate support on the downside is near the $70,600 level and the trend line.

The first major support is $70,000. The next support is now forming near $69,500 or the 50% Fib retracement level of the upward move from the $67,285 swing low to the $71,682 high. Any more losses might send the price toward the $68,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $70,600, followed by $70,000.

Major Resistance Levels – $71,600, and $72,000.

Source