Bitcoin price continues its upward trend above the $69,200 area. BTC could gain bullish momentum if it breaks the resistance levels of $70,800 and $71,250.
- Bitcoin is attempting another increase above 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) has a bearish trend line attached, forming at resistance $70,800.
- A break above the $71,250 resistance area could provide bullish momentum.
Bitcoin price is predicting another rise
Bitcoin price attempted to rise further above the $70,500 level. However, BTC struggled to gain pace above the $71,200 and $71,400 levels.
A high was reached at $71,250 before a downward correction. There was a move below the $70,500 level. The price fell below the 23.6% Fib retracement level of the rise from the $67,500 swing low to the $71,250 high.
However, bulls are active above the $69,200 level. It is close to the 50% Fib retracement level of the rise from the $67,500 swing low to the $71,250 high.
Bitcoin is currently trading above $70,000 and the 100-hour simple moving average. Immediate resistance is near the $70,800 level. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $70,800.
Source: TradingView.com BTCUSD
The first major resistance could be $71,250. The next resistance level is currently at $71,400. If there is a clear move above the $71,400 resistance zone, the price may continue to rise. If specified, the price could go as high as $72,600. The next major resistance is near $73,500. More gains could push Bitcoin towards the $75,000 resistance zone in the near term.
Another drop in BTC?
If Bitcoin fails to rise above the $71,250 resistance zone, another decline could begin. Immediate support on the downside is near the $70,400 level and 100-hourly SMA.
The first major support is $69,350. If it closes below $69,350, 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 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 – $70,400, then $69,350.
Key resistance levels – $70,800, $71,250, $72,600.
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