Bitcoin price is consolidating gains above the $69,000 support area. For BTC to begin a steady increase, it will need to clear the $71,500 resistance area.
- Bitcoin price is still showing positive signs and is facing resistance near $71,500.
- The price is trading above $69,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a key bullish trendline with support at $69,120.
- A break above the $71,500 resistance zone could initiate further upside.
Bitcoin price maintains support
Bitcoin price remained in the positive zone above the $68,800 resistance zone. BTC rose above the $70,000 resistance zone, but bears remained active near $71,500.
There were more than one attempt to break the $71,500 level, but the bulls failed. There was a downward correction and the price tested the $68,400 support level. A low was made at $68,366 and the price is now starting to rise significantly.
There was a move above the 23.6% Fib retracement level, moving downward from the $71,746 swing high to the $68,366 low. Bitcoin is currently trading above $69,000 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a major bullish trend line forming with support at $69,120.
Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. The first major resistance could be at $71,200.
Source: TradingView.com BTCUSD
The main resistance level is still close to $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.
Will there be more losses 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 $69,200 level and trendline.
The first major support is $68,400. The next support level is $67,500. If it closes below $67,500, the price may start to fall towards the $66,000 level. 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 bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $68,400, then $67,000.
Key resistance levels – $70,000, $71,500, $73,500.
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