Bitcoin price started a decent rise above the USD 70,500 resistance. BTC is showing positive signs and could gain bullish momentum above the USD 72,000 resistance in the near term.
- Bitcoin extended its rise above the USD 70,000 and USD 70,500 resistance levels.
- The price is trading above $70,000 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $70,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks above the $72,000 level.
Bitcoin price regains strength
Bitcoin price held steady above the $69,500 zone and extended its gains. BTC was able to break the USD 70,000 and USD 70,200 levels to move further into a positive zone.
The bulls even pushed the price above $70,500. It reached a high at $71,682 and the price is now consolidating gains. The price is holding gains above the 23.6% Fib retracement level of the upward move from the $67,285 swing low to the $71,682 high.
Bitcoin is now trading above $70,500 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support at $70,600 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance around the $71,400 level. The first major resistance could be at $71,650. The next major resistance could be at USD 72,000. A clear move above the USD 72,000 resistance could push the price higher. In the mentioned case, the price could rise and test the USD 73,200 resistance. Even more gains could send BTC towards the USD 75,000 resistance.
Are dips limited in BTC?
If Bitcoin fails to climb above the USD 71,400 resistance zone, it could trigger another decline. The immediate downside support is near the $70,600 level and the trendline.
The first major support is $70,000. The next support is now forming near $69,500 or the 50% Fib retracement level of the upward move from the $67,285 swing low to the $71,682 high. Any further losses could send the price towards the $68,500 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 50 level.
Major support levels – USD 70,600, followed by USD 70,000.
Major resistance levels – $71,600 and $72,000.