Bitcoin price is rising and is currently trading above the $70,000 resistance level. BTC may continue to rise towards the $73,000 and $75,000 levels in the near term.
- Bitcoin price remained in positive territory above the $66,500 level.
- The price is trading above $70,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline attached with support at $67,500.
- A break above the $71,200 resistance level could continue the upward move for the currency pair.
Bitcoin price rises again
Bitcoin price remained stable above the $65,000 resistance zone. BTC rose above the $67,500 and $68,000 resistance levels. The bulls even pushed the price above the resistance levels of $68,800 and $70,000.
A new weekly high was formed near $71,217 and the price is currently trending upward. It is trading near the 23.6% Fib retracement level, rising from the $66,810 swing low to the $71,217 high. Bitcoin is also trading above $70,000 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair, there is also a connecting bullish trendline with support at $67,500. The trend line is close to the 76.4% Fib retracement level rising from the $66,810 swing low to the $71,217 high.
Source: TradingView.com BTCUSD
Immediate resistance is near the $70,500 level. The first major resistance could be at $71,200. If there is a clear move above the $71,200 resistance zone, the price may continue to strengthen. If stated, the price may clear the resistance area of $73,500 in the near term. The next major resistance level is $75,000.
Another drop in BTC?
If Bitcoin fails to rise above the $71,200 resistance zone, another decline could begin. Immediate support for the downside is near the $70,000 level.
The first major support is $69,000. The next support level is $67,800 and it is a trend line. If it closes below $67,800, the price may start to fall towards the $66,800 level. More losses could lead the price towards the $65,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 60 level.
Key support levels – $69,000, then $67,800.
Key resistance levels – $70,500, $71,200, $73,500.
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