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Bitcoin, the leading name in the cryptocurrency market, has recently experienced a significant price increase, once again attracting the attention of investors. After establishing a solid base above the $66,500 level, Bitcoin’s price rapidly surged past the $70,000 resistance zone. This movement resulted in a gain of over 8%, bringing BTC close to the $72,000 resistance zone.
New Weekly Peak for Bitcoin
Bitcoin, which made a strong move above the $70,000 resistance zone, formed a new weekly peak at $71,979 and is currently consolidating its gains.
The price is currently facing significant resistance at the $71,850 level. The first major resistance is at the $72,000 level, with the next key resistance at $72,500. If Bitcoin surpasses this resistance level, the price is expected to rise further. In this scenario, it seems likely that the price will test the $73,200 level.
Bitcoin bulls, if they can sustain this upward trend, may see the price move towards the $74,400 resistance zone. Further gains could push Bitcoin to the $75,000 barrier. However, strong buying demand will be needed to surpass these levels.
Unless the bears exert pressure below the $68,800 level, Bitcoin is expected to continue this upward movement. Currently, the market anticipates that if new resistance levels are tested and potentially broken, Bitcoin’s price could increase further.
What If Bitcoin Declines?
As BTC approaches the $72,000 resistance level, its future movements have become a topic of interest. So, what could happen if Bitcoin fails to surpass this critical level?
If Bitcoin fails to break through the $72,000 resistance zone, a downward correction may come into play. In this scenario, attention will first turn to the $70,500 level and the trend line. These levels will become crucial support points for BTC during initial downward movements.
The first major support point is at the $70,000 level. If Bitcoin falls below this support zone, the price could retreat to the $67,450 support zone.
What Do Technical Indicators Say?
Looking at technical indicators, the hourly MACD indicator currently shows gaining momentum in the bullish zone. This situation can be interpreted as a signal that BTC may gain upward momentum in the short term. Additionally, the hourly RSI (Relative Strength Index) for the BTC/USD pair is just below the 70 level. This indicates that Bitcoin is in the overbought zone, strengthening the possibility of a potential correction.
The main support levels for Bitcoin are highlighted as $70,500 and $70,000, while the resistance levels are noted as $71,850, $72,000, and $72,500. These levels are critical for determining the direction Bitcoin will take in the short term. Particularly, breaking the $72,000 resistance could be a significant step for BTC to reach new peaks.
