Bitcoin price is consolidating its upward trend above the $70,000 resistance zone. In the near term, BTC could rally again if it breaks above the $71,500 resistance level.
- Bitcoin price moved 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) shows a major bullish trendline with support at $68,500.
- A break above the $71,500 resistance zone could initiate further upside.
Bitcoin price gains strength again
Bitcoin price began a significant rise above the $68,800 resistance zone. BTC rose above the $69,500 and $70,000 resistance levels. Finally, the price tested the $71,500 resistance area.
A new weekly high was formed near $71,557 and the price is currently trending upward. There was a slight decline below the 23.6% Fib retracement level of the upward move from the $66,811 swing low to the $71,557 high. However, prices remained stable above $69,000.
Bitcoin is currently trading above $70,000 and the 100-hour simple moving average. There is also a major bullish trendline with support at $68,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8%% Fib retracement level rising from the $66,811 swing low to the $71,557 high.
Source: TradingView.com BTCUSD
Immediate resistance is near the $70,800 level. The first major resistance could be at $71,500. If there is a clear move above the $71,500 resistance zone, the price may continue to strengthen. If indicated, the price may clear the resistance area of $72,500 in the near term. The next major resistance level is $73,500.
Another drop in BTC?
If Bitcoin fails to rise above the $71,500 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 $68,500 and it is a trend line. If there is a close below $68,500, the price may start to decline towards the $67,000 level and the 100-hours SMA. More losses could push the price towards the $66,000 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 – $68,500, then $67,000.
Key resistance levels – $70,500, $71,500 and $73,500.
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