Bitcoin

Resistance

Bitcoin price started a fresh increase above the $70,000 resistance. BTC is showing positive signs and might rise further above the $72,000 resistance in the near term. 
<ul> 
 <li>Bitcoin started a decent increase above the $69,500 and $70,000 resistance levels.</li> 
 <li>The price is trading above $69,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum if it settles above the $71,200 level.</li> 
</ul> 
<h2 id="bitcoin-price-eyes-more-upsides">Bitcoin Price Eyes More Upsides</h2> 
Bitcoin price <a href="https://www.newsbtc.com/analysis/btc/bitcoins-upside-fading-70k/" target="_blank" rel="noopener ">formed a base</a> and started a fresh increase above the $68,500 resistance. BTC was able to clear the $69,500 and $70,000 levels to move into a positive zone. 
The bulls even pushed the price above $71,200. A high was formed at $71,238 and the price is now consolidating gains. The price is stable above the 23.6% Fib retracement level of the upward move from the $67,284 swing low to the $71,258 high. 
Bitcoin is now trading above $69,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggles-67k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_b4940a.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-611456 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_b4940a.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_b4940a.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_b4940a.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_b4940a.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_b4940a.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_b4940a.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_b4940a.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_b4940a.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
On the upside, the price is facing resistance near the $71,200 level. The first major resistance could be $71,500. The next key resistance could be $72,000. A clear move above the $72,000 resistance might send the price higher. In the stated case, the price could rise and test the $73,200 resistance. Any more gains might send BTC toward the $75,000 resistance. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to climb above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $70,300 level. 
The first major support is $69,400 or the trend line. The next support is now forming near $69,200 or the 50% Fib retracement level of the upward move from the $67,284 swing low to the $71,258 high. Any more losses might send the price toward the $68,500 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 – $70,300, followed by $69,400. 
Major Resistance Levels – $71,200, and $72,000.

Bitcoin Price Turns Green: Poised for a Major Upswing

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