Bitcoin

Momentum

Resistance

Bitcoin price is moving higher above the $71,200 resistance. BTC is showing positive signs and might soon extend gains above $72,500. 
<ul> 
 <li>Bitcoin climbed higher above $69,500 and $70,000 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 near $70,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could accelerate higher if it clears the $72,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-regains-momentum">Bitcoin Price Regains Momentum</h2> 
Bitcoin price started a decent increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-correction-68800/" target="_blank" rel="noopener ">$68,500 resistance zone</a>. BTC cleared the $69,500 and $70,000 resistance levels to move into a positive zone. 
The price even cleared the $71,200 resistance zone. A high was formed near the $72,609 level and the price is now correcting gains. There was a move below the $72,000 level. The price corrected lower below the 23.6% Fib retracement level of the upward wave from the $68,954 swing low to the $72,609 high. 
Bitcoin is now trading above $70,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-67k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bullish trend line forming with support near $70,750 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward wave from the $68,954 swing low to the $72,609 high. 
Immediate resistance is near the $72,000 level. The first major resistance could be $72,500. The next resistance now sits at $72,800. If there is a clear move above the $72,800 resistance zone, the price could start a fresh increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_b2e627.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-602161" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_b2e627.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_b2e627.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_b2e627.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_b2e627.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_b2e627.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_b2e627.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_b2e627.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_b2e627.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
In the stated case, the price could rise toward $73,500. The next major resistance is near the $74,000 zone. Any more gains might send Bitcoin toward the $75,000 resistance zone in the near term. 
<h2 id="are-dips-supported-in-btc">Are Dips Supported In BTC?</h2> 
If Bitcoin fails to rise above the $72,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $70,7500 level or the trend line. 
The first major support is $70,350. The next support sits at $70,000. If there is a close below $70,000, the price could start a drop toward the $68,500 level. Any more losses might send the price toward the $67,500 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 – $70,750, followed by $70,000. 
Major Resistance Levels – $72,000, $72,500, and $73,500.

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