{"id":609028,"date":"2024-05-21T01:15:08","date_gmt":"2024-05-21T01:15:08","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=609028"},"modified":"2024-06-11T11:54:39","modified_gmt":"2024-06-11T11:54:39","slug":"bitcoin-price-soars-70k","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-price-soars-70k\/","title":{"rendered":"Bitcoin Price Soars Back: Reclaims the Coveted $70K Milestone"},"content":{"rendered":"<p><em>Bitcoin price gained over 8% and surged above $70,000. BTC is now consolidating gains and showing signs of more upsides in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh increase above the $70,000 resistance zone.<\/li>\n<li>The price is trading above $79,000 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bullish trend line forming with support at $70,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start another increase unless the bears push it below $68,800.<\/li>\n<\/ul>\n<h2>Bitcoin Price Pumps 8%<\/h2>\n<p>Bitcoin price formed a base above the $66,500 level. BTC started a <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-consolidates-65k-3\/\" target=\"_blank\" rel=\"noopener \">fresh increase<\/a> above the $68,000 resistance zone after Ethereum rallied above $3,200.<\/p>\n<p>There was a strong move above the $70,000 resistance zone. The price gained over 8% and even tested the $72,000 resistance zone. A new weekly high was formed at $71,896 and the price is now consolidating gains.<\/p>\n<p>The price is well above the 23.6% Fib retracement level of the upward move from the $66,047 swing low to the $71,896 high. Bitcoin is also trading above $79,000 and the <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-breaks-free-63500\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. Besides, there is a connecting bullish trend line forming with support at $70,500 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The price is now facing resistance near the $71,850 level. The first major resistance could be $72,000. The next key resistance could be $72,500. A clear move above the $72,500 resistance might send the price higher. In the stated case, the price could rise and test the $73,200 resistance.<\/p>\n<figure id=\"attachment_609029\" aria-describedby=\"caption-attachment-609029\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_5b3fce.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-609029 size-full\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_5b3fce.png?resize=1024%2C449\" alt=\"Bitcoin Price\" width=\"1024\" height=\"449\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_5b3fce.png?w=1950 1950w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_5b3fce.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_5b3fce.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_5b3fce.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_5b3fce.png?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_5b3fce.png?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/05\/Bitcoin_5b3fce.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-609029\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>If the bulls remain in action, the price could rise toward the $74,400 resistance zone. Any more gains might send BTC toward the $75,000 barrier.<\/p>\n<h2>Are Dips Limited In BTC?<\/h2>\n<p>If Bitcoin fails to climb above the $72,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $70,500 level and the trend line.<\/p>\n<p>The first major support is $70,000. The main support is now forming near $68,850 or the 50% Fib retracement level of the upward move from the $66,047 swing low to the $71,896 high. Any more losses might send the price toward the $67,450 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 70 level.<\/p>\n<p>Major Support Levels \u2013 $70,500, followed by $70,000.<\/p>\n<p>Major Resistance Levels \u2013 $71,850, $72,000, and $72,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price gained over 8% and surged above $70,000. BTC is now consolidating gains and showing signs of more upsides in the near term. Bitcoin started a fresh increase above the $70,000 resistance zone. The price is trading above $79,000 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $70,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start another increase unless the bears push it below $68,800. Bitcoin Price Pumps 8% Bitcoin price formed a base above the $66,500 level. BTC started a fresh increase above the $68,000 resistance zone after Ethereum rallied above $3,200. There was a strong move above the $70,000 resistance zone. The price gained over 8% and even tested the $72,000 resistance zone. A new weekly high was formed at $71,896 and the price is now consolidating gains. The price is well above the 23.6% Fib retracement level of the upward move from the $66,047 swing low to the $71,896 high. Bitcoin is also trading above $79,000 and the 100 hourly Simple moving average. Besides, there is a connecting bullish trend line forming with support at $70,500 on the hourly chart of the BTC\/USD pair. The price is now facing resistance near the $71,850 level. The first major resistance could be $72,000. The next key resistance could be $72,500. A clear move above the $72,500 resistance might send the price higher. In the stated case, the price could rise and test the $73,200 resistance. If the bulls remain in action, the price could rise toward the $74,400 resistance zone. Any more gains might send BTC toward the $75,000 barrier. Are Dips Limited In BTC? If Bitcoin fails to climb above the $72,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $70,500 level and the trend line. The first major support is $70,000. The main support is now forming near $68,850 or the 50% Fib retracement level of the upward move from the $66,047 swing low to the $71,896 high. Any more losses might send the price toward the $67,450 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 70 level. Major Support Levels \u2013 $70,500, followed by $70,000. Major Resistance Levels \u2013 $71,850, $72,000, and $72,500.<\/p>\n","protected":false},"author":67,"featured_media":609030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-609028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Soars Back: Reclaims the Coveted $70K Milestone<\/title>\n<meta name=\"description\" content=\"Bitcoin price gained over 8% and surged above $70,000. 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