Bitcoin price began a new rise above the $70,000 resistance level. BTC is showing positive signs and may rise above the $72,000 resistance level in the near term.
- Bitcoin began a significant rally above the $69,500 and $70,000 resistance levels.
- The price is trading above $69,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline with support at $69,200.
- A stabilization above the $71,200 level could provide bullish momentum.
Bitcoin price to watch for further gains
Bitcoin price formed a base and began a new rise above the $68,500 resistance level. BTC was able to move into positive territory by clearing the $69,500 and $70,000 levels.
The bulls even pushed the price above $71,200. A high was made at $71,238 and the price is currently consolidating the gains. The price is stable above the 23.6% Fib retracement level rising from the $67,284 swing low to the $71,258 high.
Bitcoin is currently trading above $69,500 and the 100-hour simple moving average. There is also a major bullish trendline with support at $69,200 on the hourly chart of the BTC/USD pair.
On the other hand, the price is finding resistance near $71,200. The first major resistance could be at $71,500. The next major resistance could be $72,000. A clear break above the $72,000 resistance could push the price higher. If stated, the price could move higher to test the $73,200 resistance. Any more gains could push BTC towards $75,000 resistance.
Another drop in BTC?
If Bitcoin fails to rise above the $71,200 resistance zone, another decline could begin. Immediate support for the downside is near the $70,300 level.
The first major support is at $69,400 or the trend line. The next support is currently forming near $69,200, or the 50% Fib retracement level of the rise from the $67,284 swing low to the $71,258 high. More losses could lead the price towards the $68,500 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 – $70,300, then $69,400.
Key resistance levels – $71,200 and $72,000.