Bitcoin price began another rise above the $70,000 resistance level. BTC cleared $72,000 and now the bulls seem to be targeting a move towards $75,000.
- Bitcoin price began another rise above the $70,000 and $71,000 levels.
- 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) shows the formation of a short-term contraction triangle with resistance at $72,500.
- A break above the $72,500 and $72,850 resistance levels could continue the upward move for the currency pair.
Bitcoin price sets new ATH
Bitcoin price remained stable above the $68,000 level. BTC formed a support base and recently broke above the $70,000 resistance level to start a new rally. The rally pushed the price above the $72,000 level.
The price hit an all-time high of $72,866. It is currently consolidating gains near the 23.6% Fib retracement level, rising from the $67,666 swing low to the $72,866 high. On the hourly chart of the BTC/USD pair, there is also a short-term contraction triangle with resistance forming at $72,500.
Bitcoin is currently trading above $72,000 and the 100-hour simple moving average. Immediate resistance is near the $72,500 level and triangle. The next major resistance could be $72,850, above which the price could rise towards the $73,500 resistance area.
Source: TradingView.com BTCUSD
In case of a clear break above the $73,500 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.
Fixing BTC’s shortcomings?
If Bitcoin fails to rise above the $72,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $72,000 level.
The first major support is the $70,000 or 50% Fib retracement level rising from the $67,666 swing low to the $72,866 high. If it closes below $70,000, the price could begin a significant decline towards the $68,500 level. Any more losses could lead the price towards the $66,600 support area.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $72,000, $70,000.
Key resistance levels – $72,500, $72,850 and $73,500.
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