Bitcoin

Momentum

Resistance

Bitcoin price started a decent increase above the $70,500 resistance. BTC is showing positive signs and might gain bullish momentum above the $72,000 resistance in the near term. 
<ul> 
 <li>Bitcoin extended its increase above the $70,000 and $70,500 resistance levels.</li> 
 <li>The price is trading above $70,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $70,600 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 $72,000 level.</li> 
</ul> 
<h2 id="bitcoin-price-regains-strength">Bitcoin Price Regains Strength</h2> 
Bitcoin price remained stable above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-green-70k/" target="_blank" rel="noopener ">$69,500 zone</a> its extended its increase. BTC was able to clear the $70,000 and $70,200 levels to move further into a positive zone. 
The bulls even pushed the price above $70,500. A high was formed at $71,682 and the price is now consolidating gains. The price is holding gains above the 23.6% Fib retracement level of the upward move from the $67,285 swing low to the $71,682 high. 
Bitcoin is now trading above $70,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-gains-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bullish trend line forming with support at $70,600 on the hourly chart of the BTC/USD pair. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_480e09.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-611666 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_480e09.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_480e09.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_480e09.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_480e09.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_480e09.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_480e09.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_480e09.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_480e09.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 $71,400 level. The first major resistance could be $71,650. 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="are-dips-limited-in-btc">Are Dips Limited In BTC?</h2> 
If Bitcoin fails to climb above the $71,400 resistance zone, it could start another decline. Immediate support on the downside is near the $70,600 level and the trend line. 
The first major support is $70,000. The next support is now forming near $69,500 or the 50% Fib retracement level of the upward move from the $67,285 swing low to the $71,682 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 losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $70,600, followed by $70,000. 
Major Resistance Levels – $71,600, and $72,000.

Bitcoin Price Gradually Climbs: Steady Ascent Points to Bullish Momentum

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