(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

Aayush Jindal

Key Highlights

  • Bitcoin price climbed higher steadily higher above the $67,500 and $70,000 resistance levels.
  • BTC is trading well above a key bullish trend line with support near $63,850 on the 4-hour chart.
  • Crude oil prices found support near $76.80 and started a recovery wave.
  • Gold surged toward the $2,450 level before a minor pullback.

Bitcoin Price Technical Analysis

Bitcoin price formed a base and started a fresh increase above $63,500. BTC/USD climbed higher above the $66,500 and $68,500 resistance levels to move into a positive zone.

Looking at the 4-hour chart, the price settled well above the 100 simple moving average (red, 4 hours) and the 200 simple moving average (green, 4 hours). The price also surpassed $70,000 and traded as high as $72,084.

The price is now consolidating gains and trading well above the 23.6% Fib retracement of the upward move from the $60,146 swing low to the $72,084 high.

Bitcoin is also trading well above a key bullish trend line with support near $63,850 on the 4-hour chart. The trend line is close to the 61.8% Fib retracement of the upward move from the $60,146 swing low to the $72,084 high.

The main support sits at $63,000 and the 200 simple moving average (green, 4 hours). Any more losses might send the price toward the $60,500 support zone.

Immediate resistance is near the $72,000 level. The first key resistance is near the $72,500 zone. The next resistance is near $73,800. A successful close above $73,800 might start another steady increase. In the stated case, the price may perhaps rise toward the $75,000 level.

Today’s Economic Releases

  • Canadian Consumer Price Index for April 2024 (MoM) – Forecast +0.5%, versus +0.6% previous.
  • Canadian Consumer Price Index for April 2024 (YoY) – Forecast +2.7%, versus +2.9% previous.
Great