The bitcoin price continues to consolidate gains, above the $70,000 zone of resistance. BTC may rally if it moves above $71,500 in the short term.
- Bitcoin prices moved into a zone of positive movement above $66,500.
- Price is above $70,00 and 100-hour Simple Moving Average.
- The hourly chart for the BTC/USD pairs shows a bullish line with a support level of $68,500 (data feed by Kraken).
- It is possible that the pair will start a new increase once it has cleared $71,500.
Bitcoin price gains strength
The Bitcoin price has started to rise. decent increase BTC climbed higher above the $69,500 and $70,00 resistance levels. BTC rose above $69,500 resistance level and $70,000. The price finally tested the $71,500 zone of resistance.
Price is consolidating its gains after a new weekly high of $71,557 was reached. A minor drop was seen below the Fib level 23.6% retracement of the move upward from the swing low at $66,811 to the high at $71,557. Price stayed above $69,000, but a minor decline was seen below the 23.6% Fib retracement level.
Bitcoin has now reached a price of $70,000. 100 hourly Simple moving average. A key bullish line is also visible on the BTC/USD hourly chart. It has a resistance level at $68,500. The trendline is very close to the level of 61.8% Fib for the upward movement from the $66,811 low swing to the $71,557 peak.
Source: BTCUSD on TradingView.com
The immediate resistance level is around $70,800. First, $71,500 could act as a major barrier. The price may continue to rise if there is an upward movement above the $71,500 zone of resistance. Price could clear $72,500 in near-term. In the stated case, price could even clear $72,500 resistance zone in the near term. next The key resistance is $73,500.
BTC: Another drop in the BTC price?
Bitcoin’s next decline could be triggered if the price fails to climb above $71,500. The $70,000 support level is the immediate downside support.
First, you will need to provide $69,000. The initial major contribution is $69,900. next Support is at the trendline and $68,500. Price could drop to $67,000 and 100 hourly SMA if there’s a close under $68,500. If the price continues to drop, it could soon reach the support level of $66,000.
Indicators of 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 – $68,500, followed by $67,000.
Major Resistance Levels – $70,500, $71,500, and $73,500.
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