Bitcoin price is consolidating above the $70,000 resistance zone. BTC may remain in the range for some time before the bulls move towards $75,000.
- Bitcoin price is struggling to break above the $71,500 resistance zone.
- The price is trading above $70,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a short-term ascending channel with support at $70,750.
- A break above the $71,500 resistance could soon start a new rally.
Bitcoin price remains range-bound.
Bitcoin price formed a base above the $69,000 resistance zone. BTC crossed the $70,000 resistance area and moved back into positive territory.
The price broke through the $71,000 level, but bears were actively trading below the $71,500 resistance level. Recent highs were made near $71,306 and the price is currently showing an upward trend. It is trading near the 23.6% Fib retracement level, rising from the $69,128 swing low to the $71,306 high.
Bitcoin is currently trading above $70,500 and the 100-hour simple moving average. There is also a short-term upward channel with support at $70,750 on the hourly chart of the BTC/USD pair.
Source: TradingView.com BTCUSD
Immediate resistance is near the $71,300 level. The first major resistance could be at $71,500. If there is a clear move above the $71,500 resistance zone, the price could rise significantly. If indicated, the price may clear the resistance area of $72,500 in the near term. The next major resistance is near $73,500.
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 $70,750 level and the channel trendline.
The first major support is $70,200 and the 50% Fib retracement level rising from the $69,128 swing low to the $71,306 high. The next grant is $70,000. If it closes below $70,000, the price could start to fall towards the $69,120 level. More losses could lead the price towards the $68,500 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 50 level.
Key support levels – $70,750, then $70,200.
Key resistance levels – $71,200, $71,500 and $73,500.
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