Bitcoin price consolidates above $70,000 as bulls prepare for further gains – TradingView News

Bitcoin price is consolidating gains above the $70,000 resistance zone. BTC could bounce back if there is a move above the $71,500 resistance in the near term.

• Bitcoin price was moving in a positive zone above the $66,500 level.
• The price is above $70,000 and the 100 hourly simple moving average.
• A key bullish trend line is forming with support at $68,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $71,500 resistance zone.

Bitcoin price is regaining strength

Bitcoin price started a decent increase above the $68,800 resistance zone. BTC climbed above the $69,500 and $70,000 resistance levels. Finally, the price tested the $71,500 resistance zone.

A new weekly high was formed at $71,557 and the price is now consolidating gains. There was a slight decline below the 23.6% Fib retracement level of the upward move from the swing low at $66,811 to the high at $71,557. However, the price remained stable above $69,000.

Bitcoin is now trading above $70,000 and the 100 hourly simple moving average. There is also a key uptrend line forming with support at $68,500 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the swing low at $66,811 to the high at $71,557.

NewsBTC

Source: BTCUSD on TradingView.com

The immediate resistance is near the $70,800 level. The first major resistance could be at $71,500. If there is a clear move above the $71,500 resistance zone, the price could gain further strength. In the mentioned case, the price could even overcome the resistance zone of $72,500 in the short term. The next key resistance is at $73,500.

Another BTC decline?

If Bitcoin fails to rise above the $71,500 resistance zone, another decline could occur. The immediate downside support is near the $70,000 level.

The first major support is $69,000. The next support is at $68,500 and the trend line. If the close is below $68,500, the price could decline towards the $67,000 level and the 100 hourly SMA. Any further losses could push the price towards the $66,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Main support levels – $68,500, followed by $67,000.

Major resistance levels – $70,500, $71,500 and $73,500.

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