Bitcoin price started to rise again above the USD 70,000 resistance. BTC cleared $72,000 and now the bulls appear to be aiming for a move towards $75,000.
- Bitcoin price started to rise again above the USD 70,000 and USD 71,000 levels.
- The price is trading above USD 71,500 and the 100 hourly Simple Moving Average.
- A short-term contracting triangle is forming with resistance at $72,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it overcomes the USD 72,500 and USD 72,850 resistance levels.
Bitcoin Price Sets New ATH
Bitcoin price remained stable above the USD 68,000 level. BTC formed a support base and recently started a new rise above the $70,000 resistance. The bulls pumped the price above the USD 72,000 level.
The price hit a new all-time high at $72,866. It is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $67,666 swing low to the $72,866 high. A short-term contracting triangle is also forming with resistance at $72,500 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $72,000 and the 100 hourly Simple Moving Average. Immediate resistance is near the $72,500 level and the triangle zone. The next major resistance could be at $72,850, above which the price could rise towards the $73,500 resistance zone.
Source: BTCUSD on TradingView.com
If there is a clear move above the USD 73,500 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.
Downward correction in BTC?
If Bitcoin fails to rise above the $72,500 resistance zone, a downside correction could occur. The immediate downside support is near the USD 72,000 level.
The first major support is $70,000 or the 50% Fib retracement level of the upward move from the $67,666 swing low to the $72,866 high. If there is a close below $70,000, the price could start a significant pullback towards the $68,500 level. Any further losses could send the price towards the $66,600 support zone.
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 72,000, followed by USD 70,000.
Major resistance levels – $72,500, $72,850 and $73,500.
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