Bitcoin price started a steady rise above $70,000 and $72,000. BTC is now consolidating and could aim to make more gains above $72,800.
- Bitcoin started a new rally after breaking above the $68,800 support.
- The price is trading above 70,000 dollars and 100 simple moving averages per hour.
- There is an uptrend line with support at $68,000 on the hourly chart of the BTC/USD pair (data provided by Kraken).
- If it trades above the $72,000 and $70,800 levels, the pair may decline again.
The price of Bitcoin rose above $70,000
Bitcoin price managed to form a base above the $67,500 zone. BTC started a new rally and managed to break through the $68,800 resistance zone.
The price even rose above the $70,000 resistance. Finally, bears emerged near $74,000. A high was formed at $74,062 and the price has recently corrected some gains. A move below $73,000 was made and the price dropped to the 23.6% Fib retracement level of 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 $68,000 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 $72,800 level. The first key resistance is near the $73,500 level. A close to the $73,500 resistance could push the price even higher. In this case, the price may rise and test the resistance of $74,000. Any further gains could send the price to the $75,000 level. The next hurdle for the bulls could be $76,800 and $77,200.
BTC downside correction?
If Bitcoin fails to break above the $72,800 resistance zone, it may start another decline. Immediate support is near the $72,200 level. The first major support is near the $72,000 level.
The next support is now near the $70,000 area or the 50% Fib retracement level of the move up from $66,164 to $74,062. Any further losses could send the price towards the $68,800 support in the near future. Key support is now at $68,000, 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 $72,000, followed by $70,000.
Key resistance levels are $72,800 and $73,500.
