Bitcoin price is rising above the $71,200 resistance level. BTC is showing positive signs and could soon extend its rally above $72,500.
- Bitcoin rose above the $69,500 and $70,000 resistance levels.
- The price is trading above $70,000 and the 100 hourly simple moving average.
- The hourly chart of the BTC/USD pair shows a major bullish trend line forming with support near $70,750 (data feed from Kraken).
- A breakout of the $72,500 resistance zone could further accelerate the rally.
Bitcoin price regains momentum
Bitcoin price has started a decent rise above the $68,500 resistance zone. BTC cleared the $69,500 and $70,000 resistance levels and moved into the positive zone.
The price also cleared the $71,200 resistance zone. A high was formed near the $72,609 level and the price is now correcting higher. There was a move below the $72,000 level. Price corrected below the 23.6% Fib retracement level of the upwave from swing low of $68,954 to high of $72,609.
Bitcoin is currently trading above $70,000 and its 100-hour simple moving average. Additionally, a major bullish trend line is forming on the hourly chart of the BTC/USD pair with support near $70,750. The trendline is near the 50% Fib retracement level of the upwave from the swing low of $68,954 to the high of $72,609.
Immediate resistance is near the $72,000 level. The first major resistance level could be at $72,500. The next resistance level is currently located at $72,800. A clear move above the $72,800 resistance zone could cause the price to start a new upward move.
Source: BTCUSD on TradingView.com
In the above case, the price could rise towards $73,500. The next major resistance level is near the $74,000 zone. Any further rally could send Bitcoin heading towards the $75,000 resistance zone in the near term.
Does BTC support dips?
If Bitcoin fails to rise above the $72,000 resistance zone, the decline could continue. Immediate support on the downside is near the $70,7500 level or trendline.
The first major support is $70,350. The next support will be $70,000. If the closing price falls below $70,000, 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 losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Major support level – $70,750 followed by $70,000.
Key resistance levels – $72,000, $72,500, $73,500.
