The Bitcoin price has again risen above the resistance level of $70,000. BTC appears to be preparing for a gradual increase over the $71,500 support zone.
- Bitcoin’s price has risen above the $70,000 barrier.
- The 100 hourly simple moving average and price are above 70,500 dollars.
- A crucial bullish line is developing with the support of $70,200 at the hourly BTC/USD chart (data feed by Kraken).
- If the pair clears $71,500, it could start another rally.
Bitcoin price gains strength
The Bitcoin price is still well supported above the $69,000 resistance zone. BTC moved back into the positive territory after climbing above $70,000.
Price broke through the $71,000 mark and tested $71,500. The price formed a new high at $71,539, and there was an immediate correction on the downside. A minor drop was seen below the Fib level 23.6% retracement of the move upward from the swing low at $68,468 to the high at $71,539
Bitcoin now trades above $70,00 and 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an important bullish trendline forming. The support level for this line is $70200.
Source: BTCUSD on TradingView.com
The immediate resistance level is around $71,200. First major resistance may be at $71,500. Price could increase if the resistance level of $71,500 is clearly moved above. Price could clear $72,500 in near-term. The price of the car could be as high as $72,500 in the short term. next The $73,500 area is a major zone of resistance.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance level of $71,500. Near the $71,200 and trendline, the level of immediate support for the downtrend is $70200.
The 50% Fib level is the first major support at $70,000. This represents the move up from the $68,468 low swing to the $71,539 peak. The next Support is at $69200. Price could drop to $68,000 if the close is below $69,200. If the price continues to drop, it could soon reach the support level of $66,500.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $70,200, followed by $69,200.
Major Resistance Levels – $71,200, $71,500, and $73,500.
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