Bitcoin price is rising and now trading above $70,000 resistance zone. BTC could continue to rise toward the $73,000 and $75,000 levels in the near term.
- Bitcoin price remained in a positive zone above the $66,500 level.
- The price is trading above $70,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $71,200 resistance zone.
Bitcoin Price Restarts Increase
Bitcoin price remained stable above the $65,000 resistance zone. BTC climbed higher above the $67,500 and $68,000 resistance levels. The bulls even pumped the price above the $68,800 and $70,000 resistance levels.
A new weekly high was formed near $71,217 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $66,810 swing low to the $71,217 high. Bitcoin is also trading above $70,000 and the 100 hourly Simple moving average.
There is also a connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $66,810 swing low to the $71,217 high.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $70,500 level. The first major resistance could be $71,200. If there is a clear move above the $71,200 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $73,500 resistance zone in the near term. The next key resistance sits at $75,000.
Another Drop In BTC?
If Bitcoin fails to rise above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $70,000 level.
The first major support is $69,000. The next support sits at $67,800 and the trend line. If there is a close below $67,800, the price could start a drop toward the $66,800 level. Any more losses might send the price toward the $65,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level.
Major Support Levels – $69,000, followed by $67,800.
Major Resistance Levels – $70,500, $71,200, and $73,500.
