Bitcoin price holds gains above the USD 70,000 resistance. BTC is now showing positive signs and could aim for a move above the USD 73,000 level.
- Bitcoin price extended its rise and tested the $73,000 zone.
- The price is trading above USD 71,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $71,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it overcomes the USD 72,850 and USD 73,000 resistance levels.
Bitcoin Price Sets New ATH
Bitcoin price remained stable above the $70,000 level. BTC gained pace and was able to extend its rise above the USD 72,500 level. It even spiked above the USD 72,850 resistance, but the upside was limited.
The price traded to a new all-time high at $73,000 before staging a downward correction. The price fell below the USD 72,000 and USD 71,500 levels. A low was formed around $68,660 and the price is rising again. There was a move above the USD 71,000 level.
The price cleared the 50% Fib retracement level of the downward move from the $73,000 swing high to the $68,660 low. A connecting bullish trendline is also forming with support at $71,300 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $71,500 and the 100 hourly Simple Moving Average. Immediate resistance is near the $72,000 level and the 76.4% Fib retracement level of the downward move from the $73,000 swing high to the $68,660 low.
Source: BTCUSD on TradingView.com
The next major resistance could be at USD 72,850, above which the price could rise towards the USD 73,000 resistance zone. If there is a clear move above the USD 73,000 resistance zone, the price might even try to make a move above the USD 74,000 resistance zone. Any further gains could send the price towards the $75,000 level.
Another Downward Correction in BTC?
If Bitcoin fails to rise above the $72,000 resistance zone, a downward correction could occur. The immediate downside support is near the $71,300 level and the trendline.
The first major support is $70,000 or 100 SMA per hour. If there is a close below $70,000, the price could make a significant pullback towards the $68,650 level. Any further losses could send the price towards the $66,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 71,300, followed by USD 70,000.
Major resistance levels – $72,000, $72,850 and $73,000.
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