Bitcoin Price Shows Volatility, Potential Upside to $70K?

Bitcoin's price has seen significant fluctuations, with an upward trend possibly extending towards $70,000. The price surged above $62,000 and is currently consolidating gains, likely preparing for another upward move towards the $64,000 resistance level.

The Bitcoin price is consolidating gains around $60,000

Bitcoin's price is consolidating gains below the $60,000 resistance zone, trading above $60,500 and the 100-hourly Simple Moving Average. A bullish trend line with support at $60,950 is forming on the hourly chart of the BTC/USD pair.

The recent price trend of Bitcoin

Bitcoin's price remained strong above $58,000, forming a fresh support base and initiating another rally. It gained over 10%, breaking hurdles near $60,000 and $62,000, even surging toward $64,000. However, a sharp decline followed the Coinbase outage, leading to a drop to the $58,000 support zone before a fresh rally began.

The next key resistance levels for Bitcoin could be $64,000 and $65,000, with potential further upside towards $66,400

Bitcoin is now trading above $60,000 and the 100-hourly Simple Moving Average, with immediate resistance near $62,500. The next key resistance levels could be $64,000 and $65,000, with potential further upside towards $66,400. A major hurdle lies near the $68,000 zone.

Analysis of Bitcoin price trend and technical indicators

If Bitcoin fails to rise above $62,500, it might correct downwards, with immediate support near $60,800 and the trend line. The first major support is at $60,000, and further downward movement could lead to a pullback towards $58,000 and possibly to the $56,500 support zone.

The hourly MACD is gaining pace in the bullish zone, while the Relative Strength Index (RSI) for BTC/USD is now above the 50 level.