Bitcoin

Resistance

Bitcoin price found support near $67,500. BTC started a fresh increase and might soon revisit the $72,500 resistance zone in the near term. 
<ul> 
 <li>Bitcoin retested the $67,500 support zone before it started a fresh increase.</li> 
 <li>The price is trading above $70,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $69,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears the $71,400 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-holds-support">Bitcoin Price Holds Support</h2> 
Bitcoin price saw <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-fails-again-72k/" target="_blank" rel="noopener ">another decline</a> below the $70,000 zone. BTC even dived below the $68,500 level after the US CPI increased more than expected. However, the bulls were active near the $67,500 support. 
A low was formed at $67,500 and the price started a fresh increase. There was a move above the $69,200 and $69,500 resistance levels. The price cleared the 50% Fib retracement level of the downward move from the $72,597 swing high to the $67,500 low. 
There was a break above a key bearish trend line with resistance at $69,600 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $70,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-resumes-upside-why-btc-could-soon-hit-new-ath/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
Immediate resistance is near the $71,400 level or the 76.4% Fib retracement level of the downward move from the $72,597 swing high to the $67,500 low. The first major resistance could be $72,500. The next resistance now sits at $72,800. If there is a clear move above the $72,800 resistance zone, the price could continue to move up. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_adca91.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-602612" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_adca91.png?resize=1024%2C461" alt="Bitcoin Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_adca91.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_adca91.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_adca91.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_adca91.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_adca91.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_adca91.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_adca91.png?resize=1024%2C461?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> 
In the stated case, the price could rise toward $73,200. The next major resistance is near the $73,500 zone. Any more gains might send Bitcoin toward the $75,000 resistance zone in the near term. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $71,400 resistance zone, it could start another decline. Immediate support on the downside is near the $70,000 level and the 100 hourly SMA. 
The first major support is $69,200. If there is a close below $69,200, the price could start a drop toward the $68,500 level. Any more losses might send the price toward the $67,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $70,000, followed by $69,200. 
Major Resistance Levels – $71,400, $72,500, and $73,500.

Bitcoin Price Gearing For Another Lift-Off to $72.5K: Dips Turn Attractive

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