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Bitcoin price rises again above $70,000. BTC is showing signs of strength and may cross the $73,500 resistance area amid Trump’s leadership.
- Bitcoin started a new rally above the $70,000 area.
- The price is trading above $71,000 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $68,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may have difficulty rising above the $73,000 resistance area.
Bitcoin price rises by more than 5%
Bitcoin price remained stable at the $65,500 support area. A base was formed and BTC price started to rise again above the $68,500 resistance level.
Trump clears lead and sparks new BTC rally. The price rose by more than 5% and crossed the $70,000 barrier. It has crossed the 50% Fib retracement level of the downward move from the high of $73,574 to the low of $66,836.
There was a break above the major downtrend line with resistance at $68,450 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $72,000 and the 100 hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the high of $73,574 to the low of $66,836.
On the upside, the price may face resistance near the $72,800 level. The first major resistance is near the $73,200 level. A clear move above the $73,200 resistance level could send the price higher. The next major resistance could be $74,500.
A close above the $74,500 resistance could lead to further gains. In the mentioned case, the price may rise and test the $75,000 resistance level. Any further gains may push the price towards the $78,000 resistance level.
Are the declines limited in BTC?
If Bitcoin fails to rise above the $73,200 resistance area, it could start another decline. Immediate support on the downside is near the $72,000 level.
The first major support is near the $71,200 level. The next support is now near the $70,500 area. Any further losses could send the price towards the $70,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $72,000, followed by $71,200.
Key resistance levels – $72,800 and $73,200.