Bitcoin

Resistance

Bitcoin price is rising and now trading above $70,000 resistance zone. BTC could continue to rise toward the $73,000 and $75,000 levels in the near term. 
<ul> 
 <li>Bitcoin price remained in a positive zone above the $66,500 level.</li> 
 <li>The price is trading above $70,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to rise if it clears the $71,200 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-restarts-increase">Bitcoin Price Restarts Increase</h2> 
Bitcoin price remained stable above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-upside-break-68k/" target="_blank" rel="noopener ">$65,000 resistance zone</a>. BTC climbed higher above the $67,500 and $68,000 resistance levels. The bulls even pumped the price above the $68,800 and $70,000 resistance levels. 
A new weekly high was formed near $71,217 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $66,810 swing low to the $71,217 high. Bitcoin is also trading above $70,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-68k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
There is also a connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $66,810 swing low to the $71,217 high. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_315939.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-599659" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_315939.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_315939.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_315939.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_315939.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_315939.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_315939.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_315939.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_315939.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
Immediate resistance is near the $70,500 level. The first major resistance could be $71,200. If there is a clear move above the $71,200 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $73,500 resistance zone in the near term. The next key resistance sits at $75,000. 
<h2 id="another-drop-in-btc">Another Drop In BTC?</h2> 
If Bitcoin fails to rise above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $70,000 level. 
The first major support is $69,000. The next support sits at $67,800 and the trend line. If there is a close below $67,800, the price could start a drop toward the $66,800 level. Any more losses might send the price toward the $65,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level. 
Major Support Levels – $69,000, followed by $67,800. 
Major Resistance Levels – $70,500, $71,200, and $73,500.

Bitcoin Price Reclaims $70K And Signals Fresh Surge To $75K

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