Bitcoin price started a decent rally from $68,000 but failed at $70,000. BTC is now consolidating and could target a profit above $69,200.
- Bitcoin started a new rally after breaking above the $67,500 support.
- The price is trading above $68,000 and 100 simple moving averages per hour.
- On the hourly chart of the BTC/USD pair (data provided by Kraken) there was a break above the downtrend line with resistance at $66,800.
- If it trades above the $67,400 and $67,000 levels, the pair may decline again.
Bitcoin price failed at $70,000
Bitcoin price managed to form a base above the $65,500 zone. BTC started a new rally and managed to break through the $66,500 resistance zone.
The price even rose above the $68,000 resistance. Furthermore, a break was formed above the downtrend line with resistance at $66,800 on the hourly chart of the BTC/USD pair. Finally, the bears appeared near $70,000. A high was formed at $70,100 and the price has recently corrected some gains. A move above $63,030 to $70,100 was made from the 23.6% Fib low.
Bitcoin is currently trading above $68,000 and above the 100 hourly simple moving average. If the price remains stable above $67,500, it may attempt a new rally. Immediate resistance is near the $69,200 level.
The first key resistance is near the $69,500 level. A close to the $69,500 resistance could push the price even higher. In the mentioned case, the price may increase and test the resistance of $70,000. Any further gains could send the price towards the $70,500 level. The next hurdle for the bulls could be $70,850 and $71,200.
Continued Negative BTC?
If Bitcoin fails to break above the $70,000 resistance zone, it may start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,500 level or the 50% Fib retracement level of the move up from $63,030 to $70,100.
The next support is now near the $65,650 area. Any further losses could send the price towards the $65,000 support in the near future. Key support is now at $64,200, below which BTC may recover in the near term.
Technical indicators:
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
The main support level is $68,000, followed by $67,500.
The main resistance levels are $69,200 and $70,000.
