Bitcoin's price has surged past $70,000, driven by technical factors and possibly influenced by Donald Trump's rising prominence. It exceeded critical resistance levels, including $68,450, and trades above the 100 hourly Simple moving average.
The current upward movement gained momentum surpassing significant Fibonacci retracement levels. Resistance is expected around $73,200, potentially challenging previous highs. If breached, Bitcoin could reach $74,500 or higher.
Failure to exceed $73,200 may result in a price decline. Immediate support is near $72,000, then $71,200 and $70,500. The market technicals indicate bullish momentum with Hourly MACD in a positive zone and RSI above 50.