Ethereum

Bitcoin

Resistance

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. 
<ul> 
 <li>Bitcoin started a fresh increase above the $70,000 resistance zone.</li> 
 <li>The price is trading above $79,000 and the 100 hourly Simple moving average.</li> 
 <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> 
 <li>The pair could start another increase unless the bears push it below $68,800.</li> 
</ul> 
<h2 id="bitcoin-price-pumps-8">Bitcoin Price Pumps 8%</h2> 
Bitcoin price formed a base above the $66,500 level. BTC started a <a href="https://www.newsbtc.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. 
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 <a href="https://www.newsbtc.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. 
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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_5b3fce.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609029 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_5b3fce.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_5b3fce.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_5b3fce.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_5b3fce.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_5b3fce.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_5b3fce.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_5b3fce.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_5b3fce.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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. 
<h2 id="are-dips-limited-in-btc">Are Dips Limited In BTC?</h2> 
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 – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 70 level. 
Major Support Levels – $70,500, followed by $70,000. 
Major Resistance Levels – $71,850, $72,000, and $72,500.

Bitcoin Price Soars Back: Reclaims the Coveted $70K Milestone

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