Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surges-past-70000-resistance-level/" data-wpel-link="internal">Bitcoin Surges Past $70,000 Resistance Level</a><br></p>
<p style="text-align: justify"><strong>Bitcoin</strong>, the leading name in the <a href="https://en.coin-turk.com/secs-approval-of-spot-bitcoin-etf-could-trigger-a-new-crypto-cycle/" data-wpel-link="internal">cryptocurrency market</a>, has recently experienced a significant price increase, once again attracting the attention of <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. After establishing a solid base above the $66,500 level, Bitcoin’s price rapidly surged past the $70,000 resistance zone. This movement resulted in a gain of over 8%, bringing BTC close to the $72,000 resistance zone.</p> 
<h2 style="text-align: justify" id="new-weekly-peak-for-bitcoin">New Weekly Peak for Bitcoin</h2> 
<p style="text-align: justify">Bitcoin, which made a strong move above the $70,000 resistance zone, formed a new weekly peak at $71,979 and is currently consolidating its gains.</p> 
<p style="text-align: justify">The price is currently facing significant resistance at the $71,850 level. The first major resistance is at the $72,000 level, with the next key resistance at $72,500. If Bitcoin surpasses this resistance level, the price is expected to rise further. In this scenario, it seems likely that the price will test the $73,200 level.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-353782 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/BTCUSD-2.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify"><strong>Bitcoin</strong> bulls, if they can sustain this upward trend, may see the price move towards the $74,400 resistance zone. Further gains could push Bitcoin to the $75,000 barrier. However, strong buying demand will be needed to surpass these levels.</p> 
<p style="text-align: justify">Unless the bears exert pressure below the $68,800 level, Bitcoin is expected to continue this upward movement. Currently, the market anticipates that if new resistance levels are tested and potentially broken, Bitcoin’s price could increase further.</p> 
<h2 style="text-align: justify" id="what-if-bitcoin-declines">What If Bitcoin Declines?</h2> 
<p style="text-align: justify">As BTC approaches the $72,000 resistance level, its <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> movements have become a topic of interest. So, what could happen if Bitcoin fails to surpass this critical level?</p> 
<p style="text-align: justify">If Bitcoin fails to break through the $72,000 resistance zone, a downward correction may come into play. In this scenario, attention will first turn to the $70,500 level and the trend line. These levels will become crucial support points for BTC during initial downward movements.</p> 
<p style="text-align: justify">The first major support point is at the $70,000 level. If Bitcoin falls below this support zone, the price could retreat to the $67,450 support zone.</p> 
<h2 style="text-align: justify" id="what-do-technical-indicators-say">What Do Technical Indicators Say?</h2> 
<p style="text-align: justify">Looking at technical indicators, the hourly <strong>MACD</strong> indicator currently shows gaining momentum in the bullish zone. This situation can be interpreted as a signal that BTC may gain upward momentum in the short term. Additionally, the hourly RSI (Relative Strength Index) for the BTC/USD pair is just below the 70 level. This indicates that Bitcoin is in the overbought zone, strengthening the possibility of a potential correction.</p> 
<p style="text-align: justify">The main support levels for Bitcoin are highlighted as $70,500 and $70,000, while the resistance levels are noted as $71,850, $72,000, and $72,500. These levels are critical for determining the direction Bitcoin will take in the short term. Particularly, breaking the $72,000 resistance could be a significant step for BTC to reach new peaks.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-surges-past-70000-resistance-level/" data-wpel-link="internal">Bitcoin Surges Past $70,000 Resistance Level</a></h5>

Bitcoin Surges Past $70,000 Resistance Level

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