Bitcoin Surpasses $70,000 Resistance

Bitcoin has surpassed the significant resistance of $70,000 and if the price can rise above the $71,500 resistance level, it indicates a new rally may begin. However, if the critical $71,500 resistance is not broken, a downward trend may begin. The current support level is $70,200 and if this level is breached, the price could potentially drop to the $68,000 levels. The hourly MACD and RSI indicators are currently giving positive signals, but it is important for investors to monitor the key support and resistance levels. Expectation of Rise Continues Bitcoin continues its rise above the 100-hour Simple Moving Average and after surpassing the $70,000 resistance, the $71,500 resistance was tested within the day. In possible uptrends, the $72,500 and $73,500 resistance levels should be considered. There are also Downside Risks If Bitcoin fails to break the $71,500 resistance, attention should be paid to the 50% Fibonacci retracement level between […]

Bitcoin Surpasses $70,000 Resistance

Bitcoin has surpassed the significant resistance of $70,000 and if the price can rise above the $71,500 resistance level, it indicates a new rally may begin. However, if the critical $71,500 resistance is not broken, a downward trend may begin. The current support level is $70,200 and if this level is breached, the price could potentially drop to the $68,000 levels. The hourly MACD and RSI indicators are currently giving positive signals, but it is important for investors to monitor the key support and resistance levels.

Expectation of Rise Continues

Bitcoin continues its rise above the 100-hour Simple Moving Average and after surpassing the $70,000 resistance, the $71,500 resistance was tested within the day. In possible uptrends, the $72,500 and $73,500 resistance levels should be considered.

There are also Downside Risks

If Bitcoin fails to break the $71,500 resistance, attention should be paid to the 50% Fibonacci retracement level between $70,000 and $68,468. If a close below $69,200 occurs, there is concern that the price could retreat to the $68,000 level and potentially drop towards the $66,500 support area.

Although technical indicators are giving optimistic signals, it continues to be important for investors to focus on support and resistance levels. The current support level is $70,200, and the resistance levels are set at $71,200 and $71,500.

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