Rally

Bitcoin

Resistance

Bitcoin price started another increase above the $70,000 resistance. BTC cleared $72,000 and now the bulls seem to be aiming for a move toward $75,000. 
<ul> 
 <li>Bitcoin price started another increase above the $70,000 and $71,000 levels.</li> 
 <li>The price is trading above $71,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a short-term contracting triangle forming with resistance at $72,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move up if it clears the $72,500 and $72,850 resistance levels.</li> 
</ul> 
<h2 id="bitcoin-price-sets-new-ath">Bitcoin Price Sets New ATH</h2> 
Bitcoin price remained stable above the $68,000 level. BTC formed a support base and recently started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-70k/" target="_blank" rel="noopener ">fresh increase above the $70,000 resistance</a>. The bulls pumped the price above the $72,000 level. 
The price traded to a new all-time high at $72,866. It is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $67,666 swing low to the $72,866 high. There is also a short-term contracting triangle forming with resistance at $72,500 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading above $72,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-66k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $72,500 level and the triangle zone. The next key resistance could be $72,850, above which the price could rise toward the $73,500 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9ae50b.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-597387" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9ae50b.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9ae50b.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9ae50b.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9ae50b.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9ae50b.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9ae50b.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9ae50b.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9ae50b.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> 
If there is a clear move above the $73,500 resistance zone, the price could even attempt a move above the $74,000 resistance zone. Any more gains might send the price toward the $75,000 level. 
<h2 id="downside-correction-in-btc">Downside Correction In BTC?</h2> 
If Bitcoin fails to rise above the $72,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $72,000 level. 
The first major support is $70,000 or the 50% Fib retracement level of the upward move from the $67,666 swing low to the $72,866 high. If there is a close below $70,000, the price could start a decent pullback toward the $68,500 level. Any more losses might send the price toward the $66,600 support zone. 
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 – $72,000, followed by $70,000. 
Major Resistance Levels – $72,500, $72,850, and $73,500.

Bitcoin Price Resumes Rally As The Bulls Now Aim For $75K

目錄

NewsBTC

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