Bitcoin’s price discovered stability around $67,500 before embarking on a new uptrend, potentially leading it to reapproach the $72,500 resistance area in the short term.
Bitcoin revisited the $67,500 support region before initiating a renewed uptrend.
It currently trades above $70,000 and the 100-hourly Simple Moving Average.
A significant bullish development occurred with the break above a crucial bearish trend line, which had resistance around $69,600, as indicated on the hourly chart of the BTC/USD pair (data sourced from Kraken).
Should the pair surpass the $71,400 resistance zone, it may gather further bullish momentum.
Bitcoin’s price maintains its support.
Bitcoin’s price experienced another downturn, slipping below the $70,000 threshold and even breaching the $68,500 mark following higher-than-expected US CPI figures. Nonetheless, bullish activity emerged around the $67,500 support level.
After bottoming out at $67,500, the price initiated a fresh uptick, surpassing the $69,200 and $69,500 resistance marks. Additionally, it breached the 50% Fibonacci retracement level of the recent downward swing from the $72,597 peak to the $67,500 trough.
A significant development occurred with the breakout above a crucial bearish trend line, marked by resistance at $69,600 on the BTC/USD hourly chart. Presently, Bitcoin trades above $70,000 and the 100-hourly Simple Moving Average.
The immediate obstacle lies around the $71,400 level or the 76.4% Fibonacci retracement level of the decline from the $72,597 high to the $67,500 low. The primary resistance might be encountered at $72,500, followed by $72,800. A clear breach above the $72,800 resistance zone could sustain the upward trajectory of the price.
![](https://sollcrypto.com/wp-content/uploads/2024/04/Screen-Shot-2024-04-11-at-7.28.51-AM.png)
In this scenario, there is potential for the price to ascend towards $73,200, with the subsequent significant resistance lying around the $73,500 region. Further upward momentum could propel Bitcoin towards the $75,000 resistance area in the short term.
Could BTC See Another Decline?
If Bitcoin fails to surpass the $71,400 resistance zone, it could initiate another downward trend. Immediate support lies around the $70,000 level and the 100-hourly SMA.
The primary support level stands at $69,200. A close below this level might trigger a descent towards the $68,500 mark. Further losses could drive the price towards the $67,500 support zone in the near future.
Technical Indicators:
Hourly MACD – The MACD is currently gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $70,000, followed by $69,200.
Key Resistance Levels – $71,400, $72,500, and $73,500.