Bitcoin price continues to rise above the $70,000 resistance line. BTC is currently showing positive signs and may target a rise above the $73,000 level.
- Bitcoin price extended its gains and tested the $73,000 level.
- The price is trading above $71,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline attached with support at $71,300.
- A break above the $72,850 and $73,000 resistance levels could allow the pair to continue rising.
Bitcoin price sets new ATH
Bitcoin price remained stable above the $70,000 level. BTC was able to pick up speed and extend its gains above the $72,500 level. It surged above the $72,850 resistance level, but the upside was limited.
The price hit an all-time high of $73,000 before a downward correction. The price fell below the $72,000 and $71,500 levels. A low was formed near $68,660 and the price is rising again. There was a move above the $71,000 level.
The price cleared the 50% Fib retracement level of the downward move from the $73,000 swing high to the $68,660 low. The hourly chart of the BTC/USD pair also has a connecting bullish trendline with support at $71,300.
Bitcoin is currently trading above $71,500 and the 100-hour simple moving average. Immediate resistance is near the $72,000 level and the 76.4% Fib retracement level of the downward move from the $73,000 swing high to the $68,660 low.
Source: TradingView.com BTCUSD
The next major resistance could be $72,850, above which the price could rise towards the $73,000 resistance area. If there is a clear move above the $73,000 resistance zone, the price may try to move above the $74,000 resistance zone. If more profits are made, the price could rise to the $75,000 level.
Another shortcoming of BTC fixed?
If Bitcoin fails to rise above the $72,000 resistance zone, a downward correction could begin. Immediate support for the downside is near the $71,300 level and trendline.
The first major support is at $70,000 or the 100 hourly SMA. If it closes below $70,000, the price could begin a significant decline towards the $68,650 level. Any more losses could lead the price towards the $66,500 support area.
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 – $71,300, $70,000.
Key resistance levels – $72,000, $72,850, $73,000.
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