Bitcoin price has found support near $67,500. BTC has started a new rally and may revisit the $72,500 resistance zone in the near future.
- Bitcoin retested the $67,500 support zone before starting a new rally.
- The price is trading above $70,000 and the 100 hourly simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), it broke out above the major bearish trendline with resistance at $69,600.
- The pair could gain bullish momentum if it breaks out of the $71,400 resistance zone.
Bitcoin price maintains support
Bitcoin price has fallen further below the $70,000 zone. Bitcoin even fell below the $68,500 level after the US CPI rose more than expected. However, the bulls were active around the $67,500 support.
A low was formed at $67,500 and the price started a new upward move. There was a move above the $69,200 and $69,500 resistance levels. Price cleared the 50% Fib retracement level of the decline from the swing high of $72,597 to the low of $67,500.
On the hourly chart of the BTC/USD pair, the pair broke above the major bearish trend line with resistance at $69,600. Bitcoin is currently trading above $70,000 and its 100-hour simple moving average.
Immediate resistance is near the $71,400 level, or the 76.4% Fib retracement level of the decline from the swing high of $72,597 to the low of $67,500. The first major resistance level could be at $72,500. The next resistance level is currently located at $72,800. If there is a clear move above the $72,800 resistance zone, the price could continue higher.
Source: BTCUSD on TradingView.com
In the above case, the price could rise towards $73,200. The next major resistance level is near the $73,500 zone. Any further rally could send Bitcoin heading towards the $75,000 resistance zone in the near term.
Will BTC fall again?
If Bitcoin fails to rise above the $71,400 resistance zone, further decline could begin. Immediate support on the downside is near the $70,000 level and 100-hour SMA.
The first major support is at $69,200. If the closing price falls below $69,200, the price may start to fall towards the $68,500 level. Any further losses could send the price towards the $67,500 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently above the 50 level.
Major support level – $70,000 followed by $69,200.
Key resistance levels – $71,400, $72,500, $73,500.
