Bitcoin price has been rising and is currently trading above the $70,000 resistance zone. BTC is likely to continue rising towards the $73,000 and $75,000 levels in the short term.
- Bitcoin price remained in the positive zone above $66,500.
- The price is trading above $70,000 and the 100 hourly simple moving average.
- On the hourly chart of the BTC/USD pair, there is a connecting bullish trendline forming with support at $67,500 (data feed from Kraken).
- If the pair can break out of the $71,200 resistance zone, the pair could continue moving higher.
Bitcoin price resumes rising
Bitcoin price stabilized above the $65,000 resistance zone. BTC rose above the $67,500 and $68,000 resistance levels. The bulls even pushed the price above the $68,800 and $70,000 resistance levels.
Forming a new weekly high near $71,217, the price is currently consolidating its gains. It is trading near the 23.6% Fib retracement level, rising from the swing low of $66,810 to the high of $71,217. Bitcoin is also trading above $70,000 and its 100-hour simple moving average.
Also, on the hourly chart of the BTC/USD pair, a bullish trend line has formed connecting at $67,500 as support. The trendline is near the 76.4% Fib retracement level of the swing low of $66,810 to the high of $71,217.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $70,500 level. The first major resistance level could be at $71,200. A clear move above the $71,200 resistance zone could see the price gain further strength. In the above case, the price may even break through the $73,500 resistance zone in the short term. The next major resistance level is at $75,000.
Will BTC drop again?
If Bitcoin fails to rise above the $71,200 resistance zone, further decline could begin. Immediate support on the downside is near the $70,000 level.
The first major support is $69,000. The next support is at $67,800 and the trend line. If the closing price falls below $67,800, the price may start falling towards the $66,800 level. Any further losses could send the price towards the $65,500 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently above the 60 level.
Major support level – $69,000, then $67,800.
Key resistance levels – $70,500, $71,200, $73,500.
