Key Takeaways:
- Bitcoin started a fresh increase from the $53,500 support.
- BTC/USD cleared a major bearish trend line with resistance at $60,000 on the daily chart.
- The price could continue to move up toward the $67,500 and $70,000 resistance levels.
New Delhi(Coinchapter.com): Bitcoin (BTC) price settled above the $60,000 pivot level. BTC is gaining bullish pace and might soon revisit the $70,000 resistance zone.
Bitcoin Price Signals Fresh Uptrend Above $60K
In the past few days, Bitcoin price saw a fresh increase from the $53,500 support zone. A base was formed, and the price climbed above the $58,500 and $60,000 resistance levels to move into a positive zone. BTC’s positive momentum dragged Ethereum, Solana, XRP, ADA, and PEPE higher.
The price cleared a major bearish trend line with resistance at $60,000 on the daily chart. There was a steady move above the 50% Fib retracement level of the downward move from the $71,950 swing high to the $53,220 swing low.
Bitcoin price settled well above the 50-day simple moving average (blue). The last 4-5 daily candles suggest strong bullish momentum above the $62,500 resistance zone.
If the bulls remain in action, the price could continue to rise above the $65,000 level. The first major resistance above $66,200 sits near the $67,500 zone. It is close to the 76.4% Fib retracement level of the downward move from the $71,950 swing high to the $53,220 swing low.
If BTC price breaks the $67,500 resistance, it could accelerate higher. The next major barrier for the bulls could be near the $70,000 handle. A close above the $70,000 level could send the price toward the $72,000 resistance. Any more gains might send the price toward the $75,000 resistance and a new all-time high.
Downside Correction In BTC?
Conversely, Bitcoin price might struggle near $66,500 or $67,000 and start a downside correction. Immediate support on the downside is near the $64,800 level. The first major support is near the $64,000 level and the 50-day simple moving average (blue).
A downside break below the $64,000 support zone could spark more bearish moves. In the stated case, the price might decline toward the $62,000 support. Any more losses could open the doors for a move toward the main support at $60,000 in the coming days.
Overall, Bitcoin is signaling a strong bullish bias above $62,500 and the 50-day SMA. BTC could see more upsides if it clears the $67,500 resistance.
The post Bitcoin Price Hints At Fresh Uptrend: The Case For A $70K Target appeared first on CoinChapter.
