Bitcoin price continues to rise above the $69,200 zone. Bullish momentum could pick up if BTC can clear the $70,800 and $71,250 resistance levels.
- Bitcoin is attempting to move higher above the $70,000 zone.
- The price is trading above $70,000 and the 100 hourly simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a connecting bearish trendline forming resistance at $70,800.
- The pair could gain bullish momentum if it breaks out of the $71,250 resistance zone.
Bitcoin price aims to rise further
Bitcoin price attempted further gains above the $70,500 level. However, BTC struggled to gain pace above the $71,200 and $71,400 levels.
Before the downside correction occurred, a high was formed at $71,250. There was a move below the $70,500 level. Price fell below the 23.6% Fib retracement level of the bull market from a swing low of $67,500 to a high of $71,250.
However, the bulls are active above the $69,200 level. This is close to the 50% Fib retracement level of the bull market from the swing low of $67,500 to the high of $71,250.
Bitcoin is currently trading above $70,000 and its 100-hour simple moving average. Immediate resistance is near the $70,800 level. There is also a connecting bearish trend line forming resistance at $70,800 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The first major resistance level could be at $71,250. The next resistance level is currently located at $71,400. If there is a clear move above the $71,400 resistance zone, the price could continue higher. In the above case, the price could rise towards $72,600. 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 $71,250 resistance zone, further decline could begin. Immediate support on the downside is near the $70,400 level and the 100-hourly SMA.
The first major support is $69,350. If the closing price falls below $69,350, the price may start declining 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 – $70,400, then $69,350.
Key resistance levels – $70,800, $71,250, $72,600.
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