Bitcoin price is rising above the $71,200 resistance. BTC is showing positive signs and could soon extend gains above $72,500.
- Bitcoin rose above the $69,500 and $70,000 resistance levels.
- The price is trading above $70,000 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support near $70,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate further if it breaks the $72,500 resistance zone.
Bitcoin price regains momentum
Bitcoin price started a decent rise above the $68,500 resistance zone. BTC surpassed the $69,500 and $70,000 resistance levels to enter a positive zone.
The price even surpassed the $71,200 resistance zone. A rally was formed near $72,609 and the price is now correcting gains. There was a move below the $72,000 level. The price corrected lower below the 23.6% Fibonacci retracement level of the rising wave from the swing low of $68,954 to the high of $72,609.
Bitcoin is now trading above $70,000 and the 100 hour simple moving average. There is also a bullish trendline forming with support near $70,750 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fibonacci retracement level of the rising wave from the $68,954 swing low to $72,609 high.
Immediate resistance is near the $72,000 level. The first major resistance could be at $72,500. The next resistance now lies at $72,800. If there is a clear move above the $72,800 resistance zone, the price could begin a further increase.
Source: BTCUSD on TradingView.com
In the stated case, the price could rise to $73,500. The next major resistance is near the $74,000 zone. Any further gains could send Bitcoin towards the $75,000 resistance zone in the near term.
Are dips supported in BTC?
If Bitcoin fails to rise above the $72,000 resistance zone, it could continue to fall. Immediate downside support is near the $70.7500 level or the trendline.
The first major support is at $70,350. The next support is at $70,000. If there is a close below $70,000, the price could begin a decline towards the $68,500 level. Further losses could send the price towards the $67,500 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 close to the 50 level.
Key support levels – $70,750, followed by $70,000.
Main resistance levels – $72,000, $72,500 and $73,500.
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