Bitcoin price began a significant rise above the $70,500 resistance level. BTC is showing positive signs and may gain bullish momentum above the $72,000 resistance in the near term.
- Bitcoin extended its gains above the $70,000 and $70,500 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 with support at $70,600.
- A stabilization above the $72,000 level could provide bullish momentum.
Bitcoin price gains strength again
Bitcoin price remained stable above $69,500, extending gains. BTC was able to move further into positive territory by clearing the $70,000 and $70,200 levels.
The bulls even pushed the price above $70,500. A high was formed at $71,682 and the price is now consolidating gains. The price is maintaining an upward trend above the 23.6% Fib retracement level, rising from the $67,285 swing low to the $71,682 high.
Bitcoin is currently trading above $70,500 and the 100-hour simple moving average. There is also a major bullish trendline with support at $70,600 on the hourly chart of the BTC/USD pair.
On the other hand, the price is finding resistance near $71,400. The first major resistance could be at $71,650. 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. More gains could push BTC towards $75,000 resistance.
Are dips limited in BTC?
If Bitcoin fails to break above the $71,400 resistance zone, another decline could begin. Immediate support for the downside is near the $70,600 level and trend line.
The first major grant is $70,000. The next support is currently forming near $69,500, or the 50% Fib retracement level of the rise from the $67,285 swing low to the $71,682 high. More losses could lead the price towards the $68,500 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 above the 50 level.
Key support levels – $70,600, then $70,000.
Key resistance levels – $71,600 and $72,000.