Bitcoin price rises above the $71,200 resistance. BTC is showing positive signs and could soon extend its gains above $72,500.
- Bitcoin climbed above the $69,500 and $70,000 resistance levels.
- The price is above $70,000 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $70,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it clears the $72,500 resistance zone.
The Bitcoin price is gaining momentum again
Bitcoin price started a decent increase above the $68,500 resistance zone. BTC cleared the $69,500 and $70,000 resistance levels and moved into a positive zone.
The price even broke the $71,200 resistance zone. A high was formed near the $72,609 level and the price is now correcting gains. There was a move below the $72,000 level. The price corrected lower below the 23.6% Fib retracement level of the upward wave from the swing low at $68,954 to the high at $72,609.
Bitcoin is now trading above $70,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $70,750 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward wave from the swing low at $68,954 to the high at $72,609.
The immediate resistance is near the $72,000 level. The first major resistance could be at $72,500. The next resistance is now at $72,800. If there is a clear move above the $72,800 resistance zone, the price could start a fresh increase.
Source: BTCUSD on TradingView.com
In the mentioned case, the price could rise towards $73,500. The next major resistance is near the $74,000 zone. Further gains could push Bitcoin towards the $75,000 resistance zone in the short term.
Are dips in BTC supported?
If Bitcoin fails to rise above the $72,000 resistance zone, another downtrend could occur. The immediate downside support is near the $70.7500 level or the trend line.
The first major support is at $70,350. The next support is at $70,000. If the close is below $70,000, the price could decline towards $68,500. Any further losses could push the price towards the $67,500 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 near the 50 level.
Key Support Levels – $70,750 followed by $70,000.
Major resistance levels – $72,000, $72,500 and $73,500.
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