Bitcoin price analysis; Likely to jump to $ 70,000

The price of Bitcoin has risen about 5 percent in the last 24 hours, reaching over $ 65,000. Analysts believe that the king of digital currencies is showing positive signs and could jump back to $ 70,000.

to the Report According to Newsbite, the bitcoin price was able to keep well above the support level of $ 60,000, and as a result, the king of digital currencies with new growth reached above the resistance lines of $ 62,500 and $ 63,500.

After that, the price even climbed above the $ 65,000 level and above the simple 100-hour moving average line. We also saw that on the one-hour chart, Bitcoin broke a significant downtrend near $ 61,500.

With previous resistance broken, Bitcoin had a tremendous chance to start moving above the $ 65,500 level. At its highest level today, Bitcoin reached $ 65,681 at the Kraken Exchange, and now the price is stabilizing.

Each bitcoin is trading above the 23.6% Fibonacci retracement level today, which is calculated from the recent uptrend from the low range of $ 60,129 to the highest level today ($ 65,681).

From an uptrend point of view, closing the hourly candle above $ 65,500 could be a sign of failure of this resistance, and then we reach another heavy resistance at $ 66,000.

When the $ 66,000 resistance is clearly broken, it is unlikely that new doors will open for a new leap, in which case we can expect the price to continue to rise to $ 68,500. Each new growth then prepares us for a critical level of $ 70,000.

From a bearish perspective, if Bitcoin fails to withstand the $ 66,000 resistance, a new downtrend may begin. The first support is $ 64,500.

If we want to point out a more important support for Bitcoin, $ 64,300 is the first level to be defended. This level is close to the 50% Fibonacci retracement level, which is calculated compared to the recent uptrend from the low range of $ 60,129 to the highest level today, $ 65,681.

If the one-hour candle closes below the $ 63,000 support, there is a small support at $ 62,500 that is unlikely to fail. After that, the main support is closed at around $ 61,200 and the simple moving average line is closed for 100 hours, which, if not defended, may dominate the market in the short term.