Bitcoin price began to rise steadily above $70,500 and $72,500. BTC is currently consolidating and could target a fresh increase above $72,500.
- Bitcoin started a new rally after crossing the $70,000 area.
- 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 bullish trendline with support at $69,000.
- The pair could fall again if it trades below the $70,000 and $69,000 levels.
Bitcoin price downward correction begins
Bitcoin price rose above $68,500. BTC gained speed above the $70,000 resistance zone. The price rebounded above the $72,000 resistance.
Finally, the bear appeared near $74,000. The highest price was reached at $74,062 and the price recently began a downward correction. There was a move below $72,000 and the 23.6% Fib retracement level of the upward move from the $66,164 swing low to the $74,062 high.
Bitcoin is currently trading above $70,000 and the 100-hour simple moving average. There is also a bullish trendline with support at $69,000 on the hourly chart of the BTC/USD pair.
If the price remains stable above $70,000, a new increase can be attempted. Immediate resistance is near the $72,000 level. The first major resistance is near the $72,500 level. A break above the $72,500 resistance could push the price higher. If stated, the price could move higher to test the $73,200 resistance. More profits could push the price higher to the $74,000 level. The next barriers on the upside could be $75,000 and $75,500.
Fixing BTC’s shortcomings?
If Bitcoin fails to rise above the $72,000 resistance zone, another decline could begin. Immediate support lies near the $70,000 level or the 50% Fib retracement level of the rise from the $66,164 swing low to the $74,062 high. The first major support is near the $69,000 level.
The next support is now near the $68,500 area. More losses could push the price towards the $68,000 support in the near term. Key support is currently at $66,200, below which BTC may find it difficult to recover 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 below the 50 level.
Key support levels – $70,000, then $69,000.
Key resistance levels – $72,000 and $72,500.