Bitcoin Price Prediction: BTC Poised to Rally Higher, Targets $70K or Even a New All-Time High

Bitcoin price is consolidating gains above the $62,000 support level. BTC might rise further towards $70,000 or even $72,000 in the near term.

Bitcoin price finally managed to break the $65,000 resistance after several attempts. BTC price is currently consolidating profits above the $62,000 support level. BTC may rise further towards $70,000 or even $72,000 in the short term.

Bitcoin price shows signs of continued upward trend

In the past days, the price of Bitcoin experienced a decent increase above the resistance zone of $58,500. There were several swing moves, but the price was able to settle above the $60,000 resistance. This helped altcoins like Ethereum and Solana to recover.

BTC crossed the 61.8% Fibonacci retracement level of the bearish move from the swing high of $70,162 to the low of $49,130. More importantly, the price was able to settle above the 50-day simple moving average (blue).

Bitcoin price extended its gains above the $63,500 resistance and tested the $65,000 barrier. It seems that the 76.4% Fibonacci retracement level of the downward movement from the swing ceiling of $70,162 to the lowest level of $49,130 has acted as resistance.

The price corrected its gains from the $65,000 area and is currently consolidating above the 50-day simple moving average (blue). If the price holds above the $62,000 area, a new rally may occur. Immediate resistance is near the $64,200 level. The first major resistance is near the $65,000 area.

If BTC price breaks the $65,000 resistance, it could rise faster. The first major hurdle for Bitcoin bulls could be near the $68,000 area. Also, a key downtrend line has formed with resistance at $69,000 on the daily chart.

A close above the trendline resistance and then the $70,000 level could push the price towards the $71,200 resistance. Any further gains may push the price towards the $72,000 resistance or even a new high.

Another drop in BTC?

On the other hand, the price of Bitcoin may struggle near $65,000 or $68,000 and start another decline. The first immediate support on the downside is near the $62,000 level and the 50-day SMA (blue). The first major support is near the $60,000 level.

A bearish break below the $60,000 support area could spark further bearish moves. In the mentioned case, the price may decline towards the $56,500 support. Any further losses could open the door to a move towards key support at $54,000 in the coming days.

Overall, Bitcoin is consolidating gains above the $62,000 area. If the bulls remain above the $62,000 level, a new bullish wave may occur above the $70,000 level.

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