Bitcoin price is consolidating gains above the $69,000 support zone. BTC must clear the $71,500 resistance zone to begin a steady rise.
- Bitcoin price still shows positive signs and faces resistance near $71,500.
- The price is trading above $69,000 and the 100 hourly simple moving average.
- There is a large bullish trendline forming with support at $69,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it breaks above the $71,500 resistance zone.
Bitcoin Price Maintains Support
The price of Bitcoin remained at a positive zone above the $68,800 resistance zone. BTC rose above the $70,000 resistance zone, but bears were active near the $71,500 level.
There were more than two attempts to break above the $71,500 level, but the bulls failed. There was a downside correction and the price tested the $68,400 support. A low was formed at $68,366 and the price is now starting a decent rise.
There was a move above the 23.6% Fibonacci retracement level of the downward move from the $71,746 high to $68,366 low. Bitcoin is now trading above $69,000 and the 100 hour simple moving average. There is also a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $70,000 level or the 50% Fibonacci retracement level of the downward movement from the $71,746 swing high to $68,366 low. The first major resistance could be at $71,200.
Source: BTCUSD on TradingView.com
The main resistance is still near $71,500. If there is a clear move above the $71,500 resistance zone, the price could continue to gain strength. In the stated case, the price could even surpass the $72,500 resistance zone in the short term.
More losses in BTC?
If Bitcoin fails to rise above the $71,200 resistance zone, it could begin another decline. Immediate downside support is near the $69,200 level and trendline.
The first major support is at $68,400. The next support is at $67,500. If there is a close below $67,500, the price could begin a decline towards the $66,000 level. Further losses could send the price towards the $66,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $68,400, followed by $67,000.
Main resistance levels – $70,000, $71,500 and $73,500.
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