Rally

Bitcoin

Momentum

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-breaks-past-70000-as-rally-gathers-steam" rel="noopener noreferrer nofollow">Bitcoin Breaks Past $70,000 as Rally Gathers Steam</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/exploring-bitcoins-price-movements-and-future-predictions" rel="noopener noreferrer nofollow">Bitcoin</a> has injected optimism into its investor base with a surge past the critical $70,000 threshold. The <a href="https://en.bitcoinhaber.net/bitcoins-price-leap-prior-to-block-reward-halving" rel="noopener noreferrer nofollow">BTC</a>/USD pairing is showcasing robust momentum as it moves beyond the $71,500 level, signaling a potential continuation of its upward trajectory. However, the pivotal $71,000 milestone remains a barrier that must be conquered.</p>
<h2 id="surging-momentum-for-bitcoin">Surging Momentum for Bitcoin</h2>
<p style="text-align: justify">Recent trading activity has seen Bitcoin’s value hover around $70,250, comfortably above the 100-hour Simple Moving Average, indicating an upward trend. A key support has been pinpointed at $70,200 on the hourly chart for BTC/USD, forming a vital upward trend line that supports the <a href="https://en.bitcoinhaber.net/bitcoin-and-ethereum-prices-soar-setting-new-records" rel="noopener noreferrer nofollow">cryptocurrency</a>‘s swift climb.</p>
<p style="text-align: justify">Bitcoin has found reliable support after surpassing the $69,000 resistance zone, propelling it back into a bullish zone and further past the $70,000 resistance level.</p>
<p style="text-align: justify">Throughout the trading day, Bitcoin’s valuation has pushed beyond $71,000 and challenged the $71,500 resistance point. While minor pullbacks are expected at such levels, the overarching upward momentum of Bitcoin is undeniable. Currently, Bitcoin has established significant resistance above $70,000, and a break above the $71,500 mark could herald the beginning of a fresh surge.</p>
<p style="text-align: justify">Traders should keep an eye on potential resistance levels at $72,500 and $73,500 should Bitcoin’s price continue to escalate.</p>
<h2 id="consequences-of-resistance-rebuff">Consequences of Resistance Rebuff</h2>
<p style="text-align: justify">Should Bitcoin struggle to transcend the $71,500 resistance level, a bearish trend could ensue. Immediate support is observed around the $70,200 level and the trend line, with the 50% Fibonacci retracement level from the recent climb being a critical point to watch. A drop below $69,200 could trigger a slide towards $68,000 and, potentially, a move towards the $66,500 support zone.</p>
<p style="text-align: justify">Technical indicators like the hourly MACD suggest growing momentum, and the hourly RSI for BTC/USD is comfortably above 50, hinting at continued optimism. Key market levels to monitor include support at $70,200 and $69,200 and resistance at $71,200, $71,500, and $73,500.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-breaks-past-70000-as-rally-gathers-steam" rel="noopener noreferrer nofollow">Bitcoin Breaks Past $70,000 as Rally Gathers Steam</a></h5>

Bitcoin Breaks Past $70,000 as Rally Gathers Steam

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