Bitcoin price is consolidating above the $70,000 resistance zone. BTC could remain in the range for some time before the bulls try to move towards $75,000.
- Bitcoin price is struggling to gain pace above the $71,500 resistance zone.
- The price is trading above $70,500 and the 100 hourly simple moving average.
- There is a short-term ascending channel forming with support at $70,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could soon start a new rally if it surpasses the $71,500 resistance zone.
Bitcoin price remains within range
Bitcoin price has formed a base above the $69,000 resistance zone. BTC rose higher $70,000 resistance zone move back to a positive zone.
The price broke the $71,000 level but bears were active below the $71,500 resistance. The recent high was formed near $71,306 and the price is now consolidating gains. It is trading near the 23.6% Fibonacci retracement level of the upward move from the $69,128 swing low to $71,306 high.
Bitcoin is now trading above $70,500 and the 100 hour simple moving average. There is also a short-term ascending channel forming with support at $70,750 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $71,300 level. The first major resistance could be at $71,500. If there is a clear move above the $71,500 resistance zone, the price could start a strong increase. In the stated case, the price could even surpass the $72,500 resistance zone in the short term. The next major resistance is near the $73,500 zone.
Another drop in BTC?
If Bitcoin fails to rise above the $71,200 resistance zone, it could begin another decline. Immediate downside support is near the $70,750 level and the channel trendline.
The first major support is at $70,200 and the 50% Fibonacci retracement level of the upward move from the $69,128 swing low to the $71,306 high. The next support is at $70,000. If there is a close below $70,000, the price could begin a decline towards the $69,120 level. 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.
Key support levels – $70,750, followed by $70,200.
Main resistance levels – $71,200, $71,500 and $73,500.
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