Bitcoin

Resistance

Bitcoin price climbed higher above the $70,000 level. BTC is now holding gains above support and might aim for another increase in the near term. 
<ul> 
 <li>Bitcoin extended its increase above the $70,000 zone.</li> 
 <li>The price is trading above $69,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $69,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start another increase unless there is a move below the $68,500 support.</li> 
</ul> 
<h2 id="bitcoin-price-holds-support">Bitcoin Price Holds Support</h2> 
Bitcoin price started <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-steam-70k/" target="_blank" rel="noopener ">another increase</a> from the $68,000 support zone. BTC cleared the $69,000 resistance to move further into a positive zone. There was a break above a key bearish trend line with resistance at $69,000 on the hourly chart of the BTC/USD pair. 
The pair even climbed above the $70,000 resistance zone. A high was formed at $70,600 and the price recently corrected lower. There was a move below the $70,000 level. The price declined below the 50% Fib retracement level of the upward move from the $67,971 swing low to the $70,600 high. 
However, the bulls are now active near the same trend line. They are protecting the 61.8% Fib retracement level of the upward move from the $67,971 swing low to the $70,600 high. 
Bitcoin price is now trading above $69,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-68250/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. If there is a fresh increase, the price might face resistance near the $70,000 level. The first major resistance could be $70,600. The next key resistance could be $71,200. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1912ff.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610129 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1912ff.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1912ff.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1912ff.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1912ff.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1912ff.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1912ff.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1912ff.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_1912ff.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $71,200 resistance might send the price higher. In the stated case, the price could rise and test the $72,000 resistance. Any more gains might send BTC toward the $73,200 resistance. 
<h2 id="another-drop-in-btc">Another Drop In BTC?</h2> 
If Bitcoin fails to climb above the $70,600 resistance zone, it could continue to move down. Immediate support on the downside is near the $69,000 level. 
The first major support is $68,500. The next support is now forming near $68,000. Any more losses might send the price toward the $66,500 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 near the 50 level. 
Major Support Levels – $69,000, followed by $68,500. 
Major Resistance Levels – $70,000, and $70,600.

Bitcoin Price Aims Higher: Bullish Trend Signals New Peaks Ahead

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