Bitcoin price is consolidating above the USD 70,000 resistance zone. BTC could remain within this range for a while before the bulls attempt a move towards $75,000.
- Bitcoin price is struggling to gain pace above the USD 71,500 resistance zone.
- The price is trading above $70,500 and the 100 hourly Simple Moving Average.
- A short-term ascending channel is forming with support at $70,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could soon start another rally if it breaks the $71,500 resistance zone.
Bitcoin price remains within range
Bitcoin price formed a base above the USD 69,000 resistance zone. BTC climbed higher at the $70,000 resistance zone to move into a positive zone again.
The price broke the USD 71,000 level, but the bears were active below the USD 71,500 resistance. The recent high was reached around $71,306 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $69,128 swing low to the $71,306 high.
Bitcoin is now trading above $70,500 and the 100 hourly Simple Moving Average. A short-term ascending channel is also forming with support at $70,750 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The 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 USD 71,500 resistance zone, the price could start a strong rise. In the said case, the price could even cross the USD 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 USD 71,200 resistance zone, it could trigger another decline. The immediate downside support is near the $70,750 level and the channel trendline.
The first major support is at $70,200 and the 50% Fib retracement level of the upward move from the $69,128 swing low to the $71,306 high. The next support is $70,000. If there is a close below $70,000, the price may start falling towards the $69,120 level. Any 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.
Major support levels – USD 70,750, followed by USD 70,200.
Major resistance levels – $71,200, $71,500 and $73,500.
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