The price of the cryptocurrency Bitcoin has surpassed the $70,000 mark, providing hope for its investors. Bitcoin's price against the US dollar is showing strength above $71,500 and is on track to continue climbing higher. However, breaking past the $71,000 resistance is crucial for further gains.

According to recent data, Bitcoin is currently trading around $70,250 and remains above the 100-hour Simple Moving Average. A strong support level has been established at $70,200 on the hourly chart of the BTC/USD pair. This support level, forming an uptrend line, is playing a key role in Bitcoin's upward movement.

Bitcoin has bounced back above $69,000 and is now trading above the $70,000 resistance, thanks to solid support. The cryptocurrency tested the $71,500 resistance level, signaling a potential rally if it can break through this resistance in the near future.

In case of further price increases, it's important to monitor resistance levels at $72,500 and $73,500.

Bitcoin Price Stands Above $70,000

If Bitcoin fails to break above the $71,500 resistance level, a downward trend may occur. Key support levels to watch include $70,200, the trend line, and the 50% Fibonacci retracement level at $71,539. If the price drops below $69,200, it could decline further towards $68,000 and potentially $66,500 in the short term.

Technical analysis shows that the hourly MACD is gaining momentum and the hourly RSI for BTC/USD is above the 50 level, providing some optimism. Key support and resistance levels in the market are $70,200, $69,200, $71,200, $71,500, and $73,500.

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