Bitcoin price successfully surged past the $70,500 resistance zone. BTC is picking up momentum, aiming for a breakout above the $71,500 and $72,000 thresholds. The pair surged past the $72,500 mark. Additionally, a breakout occurred above a bullish flag pattern, with resistance identified at $71,250 on the hourly chart of the BTC/USD pair. A peak was established at $73,130, followed by a downward price correction. A decline occurred beneath the 50% Fibonacci retracement level of the upward movement from the $70,536 swing low to the $73,130 peak.
However, the bulls showed strong activity above $71,500. Bitcoin has surged past the $72,000 mark, trading above the 100 hourly simple moving average. If the price holds steady above $71,500, it may look to initiate a new upward movement. Immediate resistance is positioned around the $72,500 mark. The initial significant resistance can be found around the $73,250 mark. A close above the $73,250 resistance could propel the price even higher. In this scenario, the price may increase and approach the $74,000 resistance level. Further gains could propel the price to the $74,500 mark. The upcoming resistance level for the bulls may be $75,000. If Bitcoin does not manage to break through the $73,250 resistance zone, we may see the onset of another downturn.
Immediate support is positioned around the $71,500 mark, coinciding with the 61.8%. Fibonacci retracement level derived from the upward movement between the $70,536 swing low and the $73,130 peak. The initial significant support level is around $71,250. The upcoming support level is currently positioned around the $70,500 mark. Further declines could push the price down to the $70,000 support level in the short term. The primary support level currently stands at $69,500, and if BTC falls below this mark, it may face challenges in making a recovery in the short term.