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Wednesday, February 21, 2024

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Bitcoin Rallies To New ATH, Why BTC Could Surge Further

Bitcoin price started a fresh rally above $67,000 against the US Dollar. BTC could accelerate higher and it might even test the $70,000 level.

Bitcoin started a fresh increase above the $65,500 and $67,500 resistance levels.
The price is now trading above $67,000 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $65,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further higher towards the $70,000 and $72,000 levels.

Bitcoin Price Extends Rally
Bitcoin price remained stable above the $65,000 support zone. BTC extended its rally above the $65,500 and $66,000 resistance levels. The price even surged above the $67,000 level.
Finally, the price pumped above the $68,000 and traded to a new all-time high at $68,495. It is now trading above $67,000 and the 100 hourly simple moving average. It is also consolidating gains above the $68,000 level.
An initial support is near the $68,000 level. Bitcoin is also trading well above the 23.6% Fib retracement level of the upward move from the $65,200 swing low to $68,495 high. Besides, there is a major bullish trend line forming with support near $65,200 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $68,500 level. The first major resistance is near the $69,000 level. A clear break above $69,000 resistance may possibly call open the doors for a move towards the USD $70,000 level.
The next major resistance sits near the $70,120 level. Any more gains might lead the price towards the $72,000 level.
Dips Limited in BTC?
If bitcoin fails to clear the $69,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $68,000 level.
The first major support is now forming near the $67,700 level. Any more losses may possibly push the price towards the $66,850 level. It is near the 50% Fib retracement level of the upward move from the $65,200 swing low to $68,495 high. The next major support is near the $66,500 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $68,000, followed by $67,700.
Major Resistance Levels – $68,500, $69,000 and $70,000.

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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