Bitcoin Price Back On The Rise as Trump Leads the Pack: Rally to Continue?
2024-11-06

Bitcoin price is surging again above $70,000. BTC is showing signs of strength and might even clear the $73,500 resistance zone amid Trump’s lead.
Bitcoin Price Surges Over 5%
Bitcoin price remained stable the $65,500 support zone. A base was formed and BTC price started a fresh surge above the $68,500 resistance.
Trump is clearing leading and sparking a fresh rally in BTC. The price gained over 5% and cleared the $70,000 barrier. It surpassed the 50% Fib retracement level of the downward move from the $73,574 swing high to the $66,836 low.
There was a break above a key bearish trend line with resistance at $68,450 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $72,000 and the 100 hourly Simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $73,574 swing high to the $66,836 low.
On the upside, the price could face resistance near the $72,800 level. The first key resistance is near the $73,200 level. A clear move above the $73,200 resistance might send the price higher. The next key resistance could be $74,500.
A close above the $74,500 resistance might initiate more gains. In the stated case, the price could rise and test the $75,000 resistance level. Any more gains might send the price toward the $78,000 resistance level.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $73,200 resistance zone, it could start another decline. Immediate support on the downside is near the $72,000 level.
The first major support is near the $71,200 level. The next support is now near the $70,500 zone. Any more losses might send the price toward the $70,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $72,000, followed by $71,200.
Major Resistance Levels – $72,800, and $73,200.