Bitcoin’s price has risen and is currently trading over the resistance zone of $70,000. BTC may continue to climb towards the $73,000-$75,000 level in the short term.
- Bitcoin price remains in a favorable zone, above the level of $66,500.
- Above $70,000, the price has traded above 100 hourly simple moving average.
- On the BTC/USD hourly chart, there is a bullish line connecting with support of $67.500 (data from Kraken).
- If the pair clears $71,200, it could rise further.
Bitcoin Restarts Price Increase
The Bitcoin price has remained above $2,000 for the past two weeks. $65,000 resistance zone. BTC has climbed above $67.500 and $68,000 levels. Bulls even drove the price past the resistance levels of $68,800 and $70,00.
Price is consolidating its gains after a new weekly high of $71,217 was reached. The price is nearing the Fib 23.6% retracement of the move up from the swing low at $66,810 to the high at $71,217. Bitcoin also trades above $70,00 and the 100 hourly Simple moving average.
On the hourly BTC/USD chart, there is a bullish connecting trend line with support of $67.500. This trendline is near the Fib level 76.4% of the move upward from the swing low at $66,810 to the high of $71,217.
Source: BTCUSD on TradingView.com
Near the $71,200 level, there is immediate resistance. $71,200 could be the first significant resistance. The price may continue to rise if there is an upward movement above the $71,200 zone of resistance. Price could clear $73,500 in near-term. In the stated case, price could even clear the $73,500 resistance zone in near term. next The key resistance for the 2009 model is $75,000
A Drop in BTC Prices?
Bitcoin’s next decline could be triggered if the price fails to climb above $71,200. Near the $71,000 level, there is immediate support for the downside.
Sixty nine thousand dollars is the first big support. The first major support is $69,000. next The trend line and $67,800 are the support levels. A close below $67.800 could trigger a price drop towards the $66,800 area. In the short term, any further losses could send the price towards the $65,500 level of support.
The following are 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 60 level.
Major Support Levels – $69,000, followed by $67,800.
Major Resistance Levels – $70,500, $71,200, and $73,500.
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