Wednesday, February 19, 2025
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Bitcoin worth has risen above the $70,000 degree. BTC is presently sustaining positive factors above assist and is prone to see additional positive factors within the close to future.

  • Bitcoin continued its rise above the $70,000 degree.
  • The worth is buying and selling above $69,000 and the 100 hourly easy transferring common.
  • On the hourly chart of the BTC/USD pair (information feed from Kraken), a significant bearish development line broke out above the resistance at $69,000.
  • So long as the pair doesn’t sink beneath the $68,500 assist, it could start to rise once more.

Bitcoin Worth Holds Help

Bitcoin worth has began to rise once more from the assist zone at $68,000. BTC has cleared the resistance at $69,000 and additional moved into the optimistic zone. On the hourly chart of the BTC/USD pair, it has damaged above the foremost bearish development line with a resistance at $69,000.

The pair broke above the $70,000 resistance zone. The excessive was fashioned at $70,600 and the value just lately turned down. There was a transfer beneath the $70,000 degree. The worth fell beneath the 50% Fib retracement degree of the rise from the swing low of $67,971 to the excessive of $70,600.

Nonetheless, the bulls are presently energetic close to the identical trendline as they’re defending the 61.8% Fib retracement degree of the rise from the swing low of $67,971 to the excessive of $70,600.

Bitcoin worth is presently buying and selling above $69,000 and the 100 hourly easy transferring common. If there’s a renewed upswing, the value could face resistance close to $70,000. The primary main resistance could possibly be at $70,600. The following main resistance could possibly be at $71,200.

sauce: BTCUSD on TradingView.com

A transparent breakout above the $71,200 resistance might result in a worth surge. Within the aforementioned case, the value might rise and take a look at the $72,000 resistance. Additional positive factors might ship BTC in the direction of the $73,200 resistance.

Will BTC fall once more?

Bitcoin can proceed to fall if it fails to rise above the $70,600 resistance zone, with the fast assist on the draw back close to the $69,000 degree.

The primary main assist is at $68,500. The following assist is presently forming close to $68,000. Any additional losses might ship the value in the direction of the $66,500 assist zone within the brief time period.

Technical indicators:

Hourly MACD – The MACD is presently shedding momentum within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is presently approaching the 50 degree.

Key assist ranges – $69,000, adopted by $68,500.

Key resistance ranges – $70,000 and $70,600.

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