{"id":475716,"date":"2021-11-08T03:08:56","date_gmt":"2021-11-08T03:08:56","guid":{"rendered":"https:\/\/wncen.com\/?p=475716"},"modified":"2024-06-11T14:00:08","modified_gmt":"2024-06-11T14:00:08","slug":"bitcoin-starts-fresh-rally-70k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-starts-fresh-rally-70k\/","title":{"rendered":"Bitcoin Starts Fresh Rally, Why BTC Could Breach $70K This Time"},"content":{"rendered":"<p><em>Bitcoin price started a fresh rally above $65,000 against the US Dollar. BTC is showing positive signs and it could rise further towards $70,000.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh increase above the $62,500 and $63,500 resistance levels.<\/li>\n<li>The price is now trading above $65,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break above a major bearish trend line with resistance near $61,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could accelerate further higher once there is a close above the $66,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price Gains Pace<\/h2>\n<p>Bitcoin price remained well bid above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-stable-62k\/\" target=\"_blank\" rel=\"noopener \">$60,000 support zone<\/a>. As a result, BTC started a fresh rally above the $62,500 and $63,500 resistance levels.<\/p>\n<p>The bulls even pumped the price above the $65,000 level and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-trades-sideways-62k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. Besides, there was a break above a major bearish trend line with resistance near $61,550 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The pair gained pace for a move above the $65,500 level. A high is formed near $65,681 and the price is now consolidating gains.<\/p>\n<p>Bitcoin is trading well above the 23.6% Fib retracement level of the upward move from the $60,129 swing low to $65,681 high. On the upside, an immediate resistance is near the $65,500 level. The first major resistance is near the $66,000 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-5.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-475717\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-5.png?resize=1791%2C732\" alt=\"Bitcoin Price\" width=\"1791\" height=\"732\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-5.png?w=1791 1791w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-5.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-5.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-5.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-5.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-5.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/11\/Bitcoin-5.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"nofollow noopener\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>A clear break above $66,000 resistance may possibly call open the doors for a fresh rally. The next major resistance sits near the $68,500 level. Any more gains might lead the price towards the $70,000 level.<\/p>\n<h2>Dips Limited in BTC?<\/h2>\n<p>If bitcoin fails to clear the $66,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $64,500 level.<\/p>\n<p>The first major support is now forming near the $63,000 level. It is near the 50% Fib retracement level of the upward move from the $60,129 swing low to $65,681 high. A clear close below the $63,000 support could open the doors for a move towards the $62,500 level. The main breakdown support is near $61,200 and the 100 hourly SMA, below which the price could accelerate losses.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone.<\/p>\n<p>Major Support Levels \u2013 $64,500, followed by $63,000.<\/p>\n<p>Major Resistance Levels \u2013 $65,500, $66,000 and $68,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a fresh rally above $65,000 against the US Dollar. BTC is showing positive signs and it could rise further towards $70,000. Bitcoin started a fresh increase above the $62,500 and $63,500 resistance levels. The price is now trading above $65,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $61,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could accelerate further higher once there is a close above the $66,000. Bitcoin Price Gains Pace Bitcoin price remained well bid above the $60,000 support zone. As a result, BTC started a fresh rally above the $62,500 and $63,500 resistance levels. The bulls even pumped the price above the $65,000 level and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $61,550 on the hourly chart of the BTC\/USD pair. The pair gained pace for a move above the $65,500 level. A high is formed near $65,681 and the price is now consolidating gains. Bitcoin is trading well above the 23.6% Fib retracement level of the upward move from the $60,129 swing low to $65,681 high. On the upside, an immediate resistance is near the $65,500 level. The first major resistance is near the $66,000 level. Source: BTCUSD on TradingView.com A clear break above $66,000 resistance may possibly call open the doors for a fresh rally. The next major resistance sits near the $68,500 level. Any more gains might lead the price towards the $70,000 level. Dips Limited in BTC? If bitcoin fails to clear the $66,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $64,500 level. The first major support is now forming near the $63,000 level. It is near the 50% Fib retracement level of the upward move from the $60,129 swing low to $65,681 high. A clear close below the $63,000 support could open the doors for a move towards the $62,500 level. The main breakdown support is near $61,200 and the 100 hourly SMA, below which the price could accelerate losses. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone. Major Support Levels \u2013 $64,500, followed by $63,000. Major Resistance Levels \u2013 $65,500, $66,000 and $68,500.<\/p>\n","protected":false},"author":67,"featured_media":464227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-475716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Starts Fresh Rally, Why BTC Could Breach $70K This Time<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a fresh rally above $65,000 against the US Dollar. BTC is showing positive signs and it could rise further towards $70,000. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Starts Fresh Rally, Why BTC Could Breach $70K This Time","url":"http:\/\/wncen.com\/news\/bitcoin-starts-fresh-rally-70k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-starts-fresh-rally-70k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_530809771.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_530809771.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-11-08T03:08:56Z","datePublished":"2021-11-08T03:08:56Z","dateModified":"2024-06-11T14:00:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Starts Fresh Rally, Why BTC Could Breach $70K This Time\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-starts-fresh-rally-70k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-starts-fresh-rally-70k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_530809771.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_530809771.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-11-08T03:08:56Z\",\"datePublished\":\"2021-11-08T03:08:56Z\",\"dateModified\":\"2024-06-11T14:00:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_530809771.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/475716"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=475716"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/475716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464227"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=475716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=475716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=475716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}