Bitcoin

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After surpassing the $66,000 resistance level, the price of Bitcoin has entered a period of consolidation. Currently, Bitcoin is aiming for a further increase above the $67,200 resistance level, indicating potential for the next upward move.Bitcoin is aiming for a notable rise above the $67,200 resistance zone, trading above $65,500 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair from Kraken, a bullish trend line is forming with support at $65,900. The pair might experience bullish momentum upon surpassing the $67,200 resistance level.<h2 id="header-0">Bitcoin Price Analysis: Potential Upside Targets</h2>Fresh Increase Above Key Resistance Levels: Bitcoin’s price has initiated a new uptrend, surpassing crucial resistance levels at $65,500 and $66,000. BTC even surged past $67,000, reaching a high of $67,200 before consolidating its gains.Stability Above Support Levels: Although there was a minor decline below $66,500, Bitcoin remained stable above key support levels. The price held above the 23.6% Fibonacci retracement level of the recent upward move from the $64,280 swing low to the $67,200 high. Additionally, Bitcoin is still trading above $65,500 and the 100 hourly Simple Moving Average.Bullish Momentum and Key Levels: On the hourly chart of the BTC/USD pair, a bullish trend line is forming with support at $65,900. This trend line aligns closely with the 50% Fibonacci retracement level of the upward move from the $64,280 swing low to the $67,200 high.Potential Resistance and Upside Targets: Immediate resistance is anticipated near the $67,000 level, with the first major resistance at $67,200. A decisive move above this level could propel the price higher, with the next resistance lying at $68,500. Further upward momentum could push <a href="https://cryptosheadlines.com/bitcoin-surges-toward-40000-mark/" rel="noopener noreferrer nofollow">Bitcoin towards the $70,000 mark</a>.<a href="https://cryptosheadlines.com/crypto-x-disappointed-by-gary-genslers-resignation-troll-post/" rel="noopener noreferrer nofollow">Also Read: Crypto X Disappointed by Gary Gensler&#39;s Resignation &#39;Troll&#39; Post</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/04/cryptosheadlines8.webp?resize&#61;640%2C288&amp;ssl&#61;1" />Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener noreferrer nofollow">BTCUSD on TradingView.com</a>Higher Targets and Outlook: Looking ahead, the next major resistance zone is around $70,500. Subsequent gains could potentially <a href="https://cryptosheadlines.com/germany-leads-bitcoin-nears-official-currency-status/" rel="noopener noreferrer nofollow">lead Bitcoin towards the $72,000 resistance zone in the near</a> term.<h2 id="header-1">Bitcoin Price Analysis: Potential Downside Scenarios</h2>Should <a href="https://cryptosheadlines.com/bitcoin-price-prediction-breaks-range-resistance-is-it-a-buy-signal/" rel="noopener noreferrer nofollow">Bitcoin fail to break above the $67,000 resistance</a> zone, a downside correction may ensue. Immediate support lies near the $66,200 level.The first major support level is at $66,000, corresponding to the trend line. A close below $66,000 could initiate a decline towards the $65,400 support level. Further losses might lead the price towards the $64,200 support zone in the near term.<h2 id="header-2">Technical Indicators</h2><ul><li>Hourly MACD: The MACD is currently losing momentum in the bullish zone.</li><li>Hourly RSI (Relative Strength Index): The RSI for BTC/USD is presently above the 50 level, indicating potential for further movement.</li></ul>Major support levels to monitor include $66,200, followed by $66,000. On the upside, major resistance levels are positioned at $67,000, $67,200, and $68,500.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Bitcoin Price Looks to Breakout as Bulls Target $70K

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