Bitcoin Price Rises Again — Bulls Target New Monthly Highs

Bitcoin Price Climbs Again

Summary:
Bitcoin's price has embarked on a steady ascent, surpassing the $72,000 mark. As it consolidates, there is a potential for further gains if it breaks above the $73,000 resistance level.

Key Takeaways:

Bitcoin is on an upward trend, having moved past the $72,000 resistance.
Currently, BTC is trading above $71,200 and the 100-hour simple moving average.
A bullish trend line has formed with support at $71,500 on the BTC/USD hourly chart.
If Bitcoin exceeds $73,000, it may continue to rise, potentially reaching $74,000.

Bitcoin Price Gains Momentum

Bitcoin's price continues to strengthen, moving above the $70,500 threshold. Recently, it has climbed over the $71,200 and $72,000 resistance levels. The bulls successfully drove the price past the 50% Fibonacci retracement level of the drop from the $73,928 peak to the $70,200 low. A bullish trend line is evident with support forming at $71,500 on the hourly BTC/USD chart.

Currently, Bitcoin is trading above $71,800 and has surpassed the 100-hour simple moving average. As long as it holds above the $71,500 support level, it may be poised for a new rally. The immediate resistance is positioned around $72,800, with the first significant resistance at $73,000, which corresponds to the 76.4% Fibonacci retracement of the earlier decline.

Bitcoin Price
Source: BTCUSD on TradingView.com

If Bitcoin manages to close above the $73,000 resistance, the price could rise further, potentially testing the $73,800 resistance level. Additional upward movement might lead Bitcoin toward the $74,000 mark, with $75,000 as the next significant hurdle for the bulls.

Potential Decline for Bitcoin?

Conversely, if Bitcoin fails to surpass the $73,000 resistance zone, we might see another downturn. Immediate support is identified at the $72,000 level, with a major support zone located near $71,500, following the trend line.

Further down, the next support is around the $71,200 area. Additional losses could push the price closer to the $70,350 support level in the short term. The primary support remains at $70,000; falling below this threshold may hinder Bitcoin's chances of recovery in the near future.

Technical Indicators:

Hourly MACD: Currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is above the 50 mark.
Major Support Levels: $72,000, followed by $71,500.
Major Resistance Levels: $73,000 and $74,000.