Bitcoin price started a steady rise above $70,500 and $72,500. BTC is now consolidating and could make a new high above $72,500.
- Bitcoin started a new rally after it broke above the $70,000 zone.
- The price is trading above 70,000 dollars and 100 simple moving averages per hour.
- There is an uptrend line with support at $69,000 on the hourly chart of the BTC/USD pair (data provided by Kraken).
- If it trades above the $70,000 and $69,000 levels, the pair may decline again.
Bitcoin price starts a negative correction
Bitcoin price extended its growth from the $68,500 zone. BTC has gained momentum to move above the $70,000 resistance zone. The price even rose above the $72,000 resistance.
Finally, bears emerged near $74,000. A high was formed at $74,062 and the price recently started a negative correction. There was a move below $72,000 and the 23.6% Fib retracement level on the move above $66,164 to $74,062.
Bitcoin is currently trading above $70,000 and above the 100 hourly moving average. There is also an uptrend line with support at $69,000 on the hourly chart of the BTC/USD pair.
If the price remains stable above $70,000, it may attempt a new rally. Immediate resistance is near the $72,000 level. The first key resistance is near the $72,500 level. A close to the $72,500 resistance could push the price even higher. In this case, the price may rise and test the $73,200 resistance. Any further gains could send the price to the $74,000 level. The next hurdle for bulls could be $75,000 and $75,500.
BTC downside correction?
If Bitcoin fails to break above the $72,000 resistance zone, it may start another decline. Immediate support is near the $70,000 level or the 50% Fib retracement level of the move up from $66,164 to $74,062. The first major support is near the $69,000 level.
The next support is now near the $68,500 area. Any further losses could send the price towards the $68,000 support in the near future. Key support is now at $66,200, 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 currently below the 50 level.
The main support level is $70,000, followed by $69,000.
Key resistance levels are $72,000 and $72,500.
