Bitcoin Price Soars Back: Reclaims the Coveted $70K Milestone

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.