Bitcoin’s price started a steady rise above $70,000 and $72,000. BTC is now consolidating and could target more gains above $72,800.
- Bitcoin started a new surge after breaking above the $68,800 support.
- The price is trading above $70,000 and the 100 hourly moving average.
- A bullish trendline is forming with support at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $72,000 and $70,800 levels.
Bitcoin price rises above $70,000
Bitcoin price managed to form a base above the $67,500 zone. BTC started a new increase and was able to surpass the USD 68,800 resistance zone.
The price even rose above the USD 70,000 resistance. In the end, the bears showed up for almost $74,000. It reached a high at $74,062, and the price recently corrected some gains. There was a move below $73,000, and the price fell towards the 23.6% Fib retracement level of the upward move from the $66,164 swing low to the $74,062 high.
Bitcoin is now trading above $70,000 and the 100 hourly moving average. A bullish trendline is also forming with support at $68,000 on the hourly chart of the BTC/USD pair.
If the price remains stable above $70,000, another increase can be attempted. The immediate resistance is near the $72,800 level. The first major resistance is around the $73,500 level. A close above the USD 73,500 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 74,000 resistance. Any further gains could send the price towards the $75,000 level. The next threshold for the bulls could be $76,800 and $77,200.
Downward correction in BTC?
If Bitcoin fails to rise above the USD 72,800 resistance zone, it could trigger another decline. The immediate support is near the $72,200 level. The first major support is near the $72,000 level.
The next support now lies near the $70,000 zone or the 50% Fib retracement level of the upward move from the $66,164 swing low to the $74,062 high. Any further losses could send the price towards the USD 68,800 support in the short term. The main support is now at $68,000, below which BTC may struggle to recover in the short 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 72,000, followed by USD 70,000.
Major resistance levels – $72,800 and $73,500.