Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-indicates-a-rising-trend/" data-wpel-link="internal">Bitcoin Price Indicates a Rising Trend</a><br></p>
<p style="text-align: justify">The recent volatility in the <strong>cryptocurrency</strong> markets is particularly noticeable with the rise in the price of <a href="https://coin-turk.com/avanti-bank-ceosundan-dikkat-ceken-iddia-bitcoin-eninde-sonunda-kuresel-rezerv-para-birimi-olacak" data-wpel-link="internal">Bitcoin</a>. <a href="https://coin-turk.com/dev-analiz-sirketi-herkes-yaniliyor-dedi-bitcoin-buraya-gidecek" data-wpel-link="internal">BTC</a> has managed to climb above the resistance levels of $69,500 and $70,000, surpassing the $71,200 resistance as well. These developments indicate positive signals for <a href="https://en.coin-turk.com/the-environmental-footprint-of-bitcoin-mining-a-deep-dive/" data-wpel-link="internal">Bitcoin</a> and suggest that it could soon increase gains above $72,500.</p> 
<h2 style="text-align: justify" id="bitcoin-s-price-trend-points-to-an-uptick">Bitcoin’s Price Trend Points to an Uptick</h2> 
<p style="text-align: justify">The rising trend in Bitcoin’s price also shows that it is trading above $70,000 and the 100-hour Simple Moving Average. A significant uptrend line with support around $70,750 is also observed on the 4-hour chart of the <a href="https://en.coin-turk.com/bitcoin-investors-in-russia-could-face-jail-time/" data-wpel-link="internal">BTC</a>/USD pair. This situation points to a strengthening bullish trend in Bitcoin’s short-term outlook.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-338937 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/btc-usdt-coin-turk-com-1-1.png" alt="" width="1819" height="790"></p> 
<p style="text-align: justify">However, it is important not to overlook that the price is still encountering some resistance levels. The immediate resistance level is around $72,000, and if it is surpassed, larger resistance levels such as $72,500 and $72,800 will become significant. In particular, a clear move above the $72,800 resistance zone could signal the start of a new uptrend for Bitcoin.</p> 
<p style="text-align: justify">Currently, it is anticipated that Bitcoin could rise towards $73,500 and even further towards the $75,000 resistance zone.</p> 
<h2 style="text-align: justify" id="potential-decline-expected-if-bitcoin-fails-to-break-72-000-resistance">Potential Decline Expected if Bitcoin Fails to Break $72,000 Resistance</h2> 
<p style="text-align: justify"><strong>Bitcoin</strong>, if unable to break above the $72,000 resistance zone, may likely continue a downward trend. For now, Bitcoin’s immediate support point is at $70,750 or near the trend line. However, a close below these levels could see the price potentially retract to $70,350.</p> 
<p style="text-align: justify">If this downward trend continues, the next significant support point is at the $70,000 level. A break below this level could rapidly send Bitcoin’s price down to $68,500 and even towards the $67,500 support zone with further losses.</p> 
<h2 style="text-align: justify" id="what-do-technical-indicators-suggest">What Do Technical Indicators Suggest?</h2> 
<p style="text-align: justify">According to technical indicators, the hourly <strong>MACD</strong> is currently losing momentum in the bullish zone, which could be interpreted as a sign of weakness in the price. The hourly RSI (Relative Strength Index) is hovering near the 50 level for BTC/USD, and while this indicator is not a standalone decision point, it is important for indicating overall market sentiment.</p> 
<p style="text-align: justify">Key support levels stand at $70,750 and $70,000, while resistance levels are identified as $72,000, $72,500, and $73,500. Particularly, breaking the $72,000 resistance level could boost investor confidence and could lead to a renewed uptrend in price.</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-price-indicates-a-rising-trend/" data-wpel-link="internal">Bitcoin Price Indicates a Rising Trend</a></h5>

Bitcoin Price Indicates a Rising Trend

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