Bitcoin price is moving higher above the USD 71,200 resistance. BTC is showing positive signs and could soon extend gains above $72,500.
- Bitcoin climbed higher above the USD 69,500 and USD 70,000 resistance levels.
- The price is trading above $70,000 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $70,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate higher if it crosses the $72,500 resistance zone.
Bitcoin price regains momentum
Bitcoin price started a decent rise above the USD 68,500 resistance zone. BTC managed to break the resistance levels of $69,500 and $70,000 and entered a positive zone.
The price has even crossed the USD 71,200 resistance zone. A high was formed near the USD 72,609 level and the price is now correcting gains. There was a move below the $72,000 level. The price corrected lower than the 23.6% Fib retracement level of the upwave from the $68,954 swing low to the $72,609 high.
Bitcoin is now trading above $70,000 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support near $70,750 on the hourly chart of the BTC/USD pair. The trendline is close to the 50% Fib retracement level of the upward wave from the $68,954 swing low to the $72,609 high.
The immediate resistance is near the $72,000 level. The first major resistance could be at $72,500. The next resistance is now at $72,800. If there is a clear move above the USD 72,800 resistance zone, the price may start a new increase.
Source: BTCUSD on TradingView.com
In the mentioned case, the price could rise to $73,500. The next major resistance is near the $74,000 zone. Any further gains could send Bitcoin towards the $75,000 resistance zone in the short term.
Are dips supported in BTC?
If Bitcoin fails to rise above the $72,000 resistance zone, the price may continue to decline. The immediate downside support is near the $70.7500 level or trendline.
The first major support is at $70,350. The next support is $70,000. If there is a close below $70,000, the price may start falling towards the $68,500 level. Any further losses could send the price towards the $67,500 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 approaching the 50 level.
Major support levels – USD 70,750, followed by USD 70,000.
Major resistance levels – $72,000, $72,500 and $73,500.
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