Bitcoin price is rising and is now trading above the $70,000 resistance zone. BTC could continue rising towards the $73,000 and $75,000 levels in the near term.
- Bitcoin price remained in a positive zone above the $66,500 level.
- The price is above $70,000 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it clears the $71,200 resistance zone.
Bitcoin price starts rising again
Bitcoin price remained stable above the $65,000 resistance zone. BTC climbed above the $67,500 and $68,000 resistance levels. The bulls even pushed the price above the $68,800 and $70,000 resistance levels.
A new weekly high was formed at $71,217 and the price is now consolidating gains. The trading price is near the 23.6% Fib retracement level of the upward move from the swing low $66,810 to the high $71,217. Bitcoin is also trading above $70,000 and the 100 hourly simple moving average.
There is also a connecting bullish trend line forming with the support at $67,500 on the hourly chart of the BTC/USD pair. The trendline is close to the 76.4% Fib retracement level of the upward move from the swing low of $66,810 to the high of $71,217.
Source: BTCUSD on TradingView.com
The immediate resistance is near the $70,500 level. The first major resistance could be at $71,200. If there is a clear move above the $71,200 resistance zone, the price could gain further strength. In the mentioned case, the price could even overcome the resistance zone of $73,500 in the short term. The next key resistance is at $75,000.
Another BTC decline?
If Bitcoin fails to rise above the $71,200 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 $67,800 and the trend line. If the close is below $67,800, the price could fall towards the $66,800 level. Any further losses could push the price towards the $65,500 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 above the 60 level.
Main support levels – $69,000, followed by $67,800.
Major resistance levels – $70,500, $71,200 and $73,500.
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