Bitcoin smashes beyond US$72K and aims toward US$75K in an unbroken bull run
Bitcoin’s price stayed constant at over US$68,000. BTC established a support base and has lately begun a new rise over the US$70,000 obstacle. The bulls pushed the price beyond the US$72,000 mark.
The price reached a new all-time high of US$72,866. It is now consolidating gains at the 23.6% Fib retracement line of the upward run from the US$67,666 swing low to the US$72,866 high. On the hourly chart of the BTC/USD pair, a short-term contracting triangle has formed, with resistance at US$72,500.
Bitcoin is currently trading over US$72,000 and the 100 hourly Simple Moving Average. Immediate resistance exists at the US$72,500 level and the triangle zone. The next major resistance level might be US$72,850, beyond which the price could increase to the US$73,500 barrier zone.
If there is a definite move above the US$73,500 resistance zone, the price may potentially try to break above the US$74,000 resistance zone. If the price continues to rise, it might reach US$75,000 or higher.
If there is a sustained rise over the US$73,500 resistance zone, the price may attempt to break above the US$74,000 resistance zone. If the price continues to grow, it might hit US$75,000 or higher.
The first key support level is US$70,000, which is the 50% Fib retracement of the upward advance from the swing low of US$67,666 to the high of US$72,866. If the price closes below US$70,000, it might begin a significant drop into the US$68,500 barrier. Any more losses might push the price toward the US$66,600 support zone.
