Bitcoin price started a recovery wave above $70,000. BTC is now consolidating above USD 70,200 and could aim for a steady increase if it clears USD 71,650.
- Bitcoin started a decent recovery wave above USD 69,800 and USD 70,200.
- The price is trading above USD 70,200 and the 100 hourly moving average.
- A bullish trendline is forming with support at $70,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it stays below the $71,000 and $71,650 levels.
Bitcoin price faces hurdles
Bitcoin price started a recovery wave above the USD 69.5500 resistance level. BTC climbed above the USD 70,200 and USD 70,500 resistance levels.
The price even spiked above the 50% Fib retracement level of the downward move from the $75,998 swing high to the $67,342 low. The price even climbed towards the $72,000 zone before the bears took a stand and secured more gains.
Bitcoin is now trading above $70,200 and the 100 hourly moving average. A bullish trendline is also forming with support at $70,400 on the hourly chart of the BTC/USD pair.
If the price remains stable above $70,200, a new increase could be attempted. The immediate resistance is near the $71,200 level. The first major resistance is around the $71,650 level. A close above the resistance at $71,650 could send the price higher.
In the said case, the price could rise and test the $72,650 resistance or the 61.8% Fib retracement level of the downward move from the $75,998 swing high to the $67,342 low. Any further gains could send the price towards the USD 73,200 level. The next threshold for the bulls could be $73,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 71,650 resistance zone, it could trigger another decline. Immediate support is near the $70,400 level. The first major support is near the $70,000 level.
The next support is now near the $69,200 zone. Any further losses could send the price towards the USD 68,800 support in the short term. The key support now lies at $67,500, below which BTC could struggle to recover 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 below the 50 level.
Major support levels – USD 70,000, followed by USD 69,200.
Major resistance levels – $71,200 and $71,650.