The price of Bitcoin exceeded the $70,000 level. BTC currently holds gains above support and could be targeting another increase in the near term.
- Bitcoin extended its gains above $70,000.
- The price is trading above $69,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $69,000.
- Unless it moves below the $68,500 support, the pair could start another increase.
Bitcoin price maintains support
Bitcoin price started another increase from the $68,000 support zone. BTC cleared the $69,000 resistance to move further into positive territory. On the hourly chart of the BTC/USD pair, a major bearish trend line has been broken above the resistance level of $69,000.
The pair even managed to climb above the $70,000 resistance zone. The highest price was reached at $70,600 and the price has recently adjusted downward. There was a move below the $70,000 level. The price fell below the 50% Fib retracement level, rising from the $67,971 swing low to the $70,600 high.
However, the bulls are currently active near the same trend line. They are protecting the 61.8% Fib retracement level of the advance from the $67,971 swing low to the $70,600 high.
Bitcoin price is currently trading above $69,000 and the 100-hour simple moving average. If there is a new price hike, the price may face resistance near the $70,000 level. The first major resistance could be at $70,600. The next major resistance could be $71,200.
A clear break above the $71,200 resistance could push the price higher. If stated, the price could move higher and test the $72,000 resistance. Any more gains could push BTC towards the $73,200 resistance.
Another drop in BTC?
If Bitcoin fails to rise above the $70,600 resistance zone, it may continue to fall. Immediate support for the downside is near the $69,000 level.
The first major support is $68,500. The next support is currently forming near $68,000. More losses could lead the price towards the $66,500 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 close to the 50 level.
Key support levels – $69,000, then $68,500.
Key resistance levels – $70,000 and $70,600.