Bitcoin Price Eyes Upside Breakout, Can BTC reach to $75,000?

Bitcoin tries to go up again above the $70,000 level.
The price is above $70,000 and the simple moving average of 100 hours.

On the hourly chart of the BTC/USD pair (Kraken data feed), there is a drop-trend line that is linked to a level of resistance at $70,800.

If the pair breaks through the $71,250 support zone, it could start moving up.

The price of bitcoin is looking at another rise.
Bitcoin's price tried to go up even more above $70,500. However, BTC had a hard time speeding up its rise above $71,200 and $71,400.

A high point was reached at $71,250, and then the price went down. The price went down below $70,500. It dropped below the 23.6% Fibonacci level of the rise from the low of $67,500 to the high of $71,250.

On the other hand, there are bulls above $69,200. It is close to the 50% Fibonacci level of the rise from the low of $67,500 to the high of $71,250.

Bitcoin is now worth more than $70,000 and above the 100-hour simple moving average. The $70,800 mark is the first level of resistance. The hourly chart of the BTC/USD pair also shows the start of a downtrend line with support at $70,800.

The price might hit its first big obstacle at $71,250. The next level of resistance is now $71,400. The price could keep going up if there is a clear move above the $71,400 support zone. The price could go up to $72,600 in this case. The next big level of support is around $73,500. If Bitcoin prices keep going up, they might reach the $75,000 barrier level soon.

If Bitcoin can't get above the $71,250 level of support, it might start to fall even more. Support for the next drop is near $70,400 and the 100-hourly simple moving average (SMA).

The first big help is $69,350. If the price falls below $69,350 at the end of the day, it could start to fall towards $68,500. Prices could soon drop to the $67,500 support zone if they go down any further.

Please note that this piece is only meant to teach you something. It doesn't say what Token Journal thinks about whether you should buy, sell, or hold investments, and investing always comes with risks.

If you want to make an investment, you should do your own study first. You take full responsibility for how you use the information on this page.

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