Bitcoin price is rising above the $71,200 resistance level. BTC is showing positive signs and may soon see gains above $72,500.
- Bitcoin rose above the $69,500 and $70,000 resistance levels.
- 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 forming with support near $70,750.
- A break above the $72,500 resistance area could push the price higher.
Bitcoin price regains momentum
Bitcoin price began a significant rise above the $68,500 resistance zone. BTC cleared the $69,500 and $70,000 resistance levels to move into positive territory.
The price also cleared the $71,200 resistance area. A high was made near $72,609 and the price is currently correcting an upward trend. There was a move below the $72,000 level. Prices moved below the 23.6% Fib retracement level of the bullish wave from the $68,954 swing low to the $72,609 high.
Bitcoin is currently trading above $70,000 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bullish trend line forming with support near $70,750. The trend line is close to the 50% Fib retracement level of the rising wave from the $68,954 swing low to the $72,609 high.
Immediate resistance is near the $72,000 level. 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 could start a fresh rise.
Source: TradingView.com BTCUSD
If specified, the price could go as high as $73,500. The next major resistance is near $74,000. If more gains occur, Bitcoin may head towards the $75,000 resistance zone in the near term.
Are dips supported in BTC?
If Bitcoin fails to rise above the $72,000 resistance zone, it may continue to fall. Immediate support for the downside lies near the $70,7500 level or the trendline.
The first major support is $70,350. The next grant is $70,000. If it closes below $70,000, the price could 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 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 – $70,750, then $70,000.
Key resistance levels – $72,000, $72,500, $73,500.
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