Bitcoin is currently trading above $70,500 and has broken above the 100-hour Simple Moving Average. If the price stabilizes above $70,500, it may attempt a fresh upward move. The first key resistance level is located near $72,850. If the price climbs above the $72,850 resistance level, it could rise further to test the $73,500 resistance level. Any further gains could push the price toward $74,000. The next hurdle for the bulls may be at $75,000.
If Bitcoin fails to break through the $72,850 resistance level, it could initiate a new downward correction. Immediate support lies near $70,800. The first major support level is situated near $70,250. The next support level is near $69,500. Should the price continue to decline, it could test the $68,800 support level in the short term. The primary support level currently stands at $67,500; if this level is breached, Bitcoin may struggle to stage a rebound in the near term.
Major Support Levels – $70,800, followed by $70,250.
Major Resistance Levels – $72,300 and $72,850.