Bitcoin price found support near $67,500. BTC has started a new increase and may soon revisit the $72,500 resistance area in the near term.
- Bitcoin retested the $67,500 support area before starting a new increase.
- The price is trading above $70,000 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 $69,600.
- A break above the $71,400 resistance area could provide bullish momentum.
Bitcoin price maintains support
Bitcoin price fell below the $70,000 level again. BTC fell below the $68,500 level after US CPI rose more than expected. However, the bulls remained active near the $67,500 support.
A low was formed at $67,500 and the price began a new rise. There was movement above the resistance levels of $69,200 and $69,500. The price cleared the 50% Fib retracement level of the downward move from the $72,597 swing high to the $67,500 low.
On the hourly chart of the BTC/USD pair, a breakout occurred above the main bearish trend line with resistance at $69,600. Bitcoin is currently trading above $70,000 and the 100-hour simple moving average.
Immediate resistance is near the $71,400 level or the 76.4% Fib retracement level of the downside move from the $72,597 swing high to the $67,500 low. The first major resistance could be at $72,500. The next resistance level is currently at $72,800. If there is a clear move above the $72,800 resistance zone, the price may continue to rise.
Source: TradingView.com BTCUSD
If specified, the price could go as high as $73,200. The next major resistance is near $73,500. If more gains occur, Bitcoin may head towards the $75,000 resistance zone in the near term.
Another drop in BTC?
If Bitcoin fails to rise above the $71,400 resistance zone, another decline could begin. Immediate support on the downside is near the $70,000 level and 100-hourly SMA.
The first major support is at $69,200. If it closes below $69,200, the price may start to fall towards the $68,500 level. More losses could lead the price towards the $67,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $70,000, then $69,200.
Key resistance levels – $71,400, $72,500 and $73,500.
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