Bitcoin price extended gains above the $68,000 resistance zone. BTC is now consolidating and targeting further gains above the $69,500 resistance.
- Bitcoin remained stable and extended gains above the $68,500 zone.
- The price is trading above $68,500 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with support at $68,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if there is a close above the $69,450 resistance zone.
Bitcoin price rises to $70,000
Bitcoin price remained supported above the $67,500 zone. BTC started another small increase above the $68,000 resistance zone. The bulls managed to surpass the $68,800 barrier.
The price even surpassed the $69,000 level. A rally was formed near $69,428 and the price is now consolidating gains. There was a small decline below the $69,000 level, but the price is stable above the 23.6% Fibonacci retracement level of the upward movement from the $66,644 swing low to $69,428 high.
Bitcoin price is now trading above $68,200 and the 100 hour simple moving average. There is also a key contracting triangle forming with support at $68,750 on the hourly chart of the BTC/USD pair.
On the upside, the price may face resistance near the $69,200 level. The first key resistance is near the $69,500 level. A clear move above the $69,500 resistance could push the price higher. The next key resistance could be at $70,000.
A close above the $70,000 resistance could initiate further gains. In this case, the price could rise and test the $71,200 resistance level. Any further gains could send the price towards the $72,000 resistance level.
Another decline in BTC?
If Bitcoin fails to rise above the $69,500 resistance zone, it could begin another decline. Immediate downside support is near the $68,750 level and the triangle trendline.
The first major support is near the $68,050 level and the 50% Fibonacci retracement level of the upward move from the $66,644 swing low to $69,428 high. The next support is now near the $67,400 zone. Further losses could send the price towards the $66,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $68,750, followed by $68,500.
Main resistance levels – $69,500 and $70,000.