Key Highlights
- Bitcoin price climbed higher steadily higher above the $67,500 and $70,000 resistance levels.
- BTC is trading well above a key bullish trend line with support near $63,850 on the 4-hour chart.
- Crude oil prices found support near $76.80 and started a recovery wave.
- Gold surged toward the $2,450 level before a minor pullback.
Bitcoin Price Technical Analysis
Bitcoin price formed a base and started a fresh increase above $63,500. BTC/USD climbed higher above the $66,500 and $68,500 resistance levels to move into a positive zone.
Looking at the 4-hour chart, the price settled well above the 100 simple moving average (red, 4 hours) and the 200 simple moving average (green, 4 hours). The price also surpassed $70,000 and traded as high as $72,084.
The price is now consolidating gains and trading well above the 23.6% Fib retracement of the upward move from the $60,146 swing low to the $72,084 high.
Bitcoin is also trading well above a key bullish trend line with support near $63,850 on the 4-hour chart. The trend line is close to the 61.8% Fib retracement of the upward move from the $60,146 swing low to the $72,084 high.
The main support sits at $63,000 and the 200 simple moving average (green, 4 hours). Any more losses might send the price toward the $60,500 support zone.
Immediate resistance is near the $72,000 level. The first key resistance is near the $72,500 zone. The next resistance is near $73,800. A successful close above $73,800 might start another steady increase. In the stated case, the price may perhaps rise toward the $75,000 level.
Today’s Economic Releases
- Canadian Consumer Price Index for April 2024 (MoM) – Forecast +0.5%, versus +0.6% previous.
- Canadian Consumer Price Index for April 2024 (YoY) – Forecast +2.7%, versus +2.9% previous.
