Bitcoin Price Turns Higher to Print New Monthly Highs

Bitcoin price turns higher, aiming for new monthly highs after a strong increase above the $71,500 zone. The primary keyword bitcoin price turns higher is a significant trend in the cryptocurrency market.

Bitcoin Price Analysis

Bitcoin gained pace for a move above the $71,500 and $72,000 levels, with the price trading above $71,500 and the 100 hourly simple moving average. A break above a bullish flag pattern with resistance at $71,250 on the hourly chart of the BTC/USD pair indicates a potential upward trend.

Bitcoin Price Prediction

Upside Potential

If the price remains stable above $71,500, it could attempt a fresh increase, with immediate resistance near the $72,500 level and the first key resistance near the $73,250 level. A close above the $73,250 resistance might send the price further higher, potentially testing the $74,000 resistance.

Downside Risk

If Bitcoin fails to rise above the $73,250 resistance zone, it could start another decline, with immediate support near the $71,500 level or the 61.8% Fib retracement level of the upward move from the $70,536 swing low to the $73,130 high.

Key Takeaways

• Bitcoin price turns higher, aiming for new monthly highs above $71,500.
• The price might extend gains if it stays above the $71,500 and $71,250 levels.
• A close above the $73,250 resistance could send the price further higher, testing the $74,000 resistance.
• Immediate support is near the $71,500 level or the 61.8% Fib retracement level.

Frequently Asked Questions

What is the current Bitcoin price trend?

The current Bitcoin price trend is turning higher, with a potential upward trend indicated by a break above a bullish flag pattern.

What are the major support and resistance levels for Bitcoin?

The major support levels are $71,500, $71,250, and $70,500, while the major resistance levels are $72,500 and $73,250.