Bitcoin price climbed higher above the $70,000 level. BTC is now holding gains above support and could be aiming for another surge in the near term.
- Bitcoin extended its rise above the $70,000 zone.
- The price is trading above USD 69,000 and the 100 hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $69,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again unless there is a move below the $68,500 support.
Bitcoin price holds support
Bitcoin price started to rise again from the USD 68,000 support zone. BTC managed to overcome the USD 69,000 resistance to move further into a positive zone. There was a break above a key bearish trendline with resistance at $69,000 on the hourly chart of the BTC/USD pair.
The pair even climbed above the $70,000 resistance zone. It peaked at $70,600 and the price recently corrected downward. There was a move below the $70,000 level. The price fell below the 50% Fib retracement level of the upward move from the $67,971 swing low to the $70,600 high.
However, the bulls are now active near the same trendline. They protect the 61.8% Fib retracement level of the upward move from the $67,971 swing low to the $70,600 high.
Bitcoin price is now trading above $69,000 and the 100 hourly Simple Moving Average. If a new increase occurs, the price may encounter resistance near the USD 70,000 level. The first major resistance could be at $70,600. The next major resistance could be at USD 71,200.
A clear move above the USD 71,200 resistance could push the price higher. In the mentioned case, the price could rise and test the USD 72,000 resistance. Even more gains could send BTC towards the USD 73,200 resistance.
Another drop in BTC?
If Bitcoin fails to climb above the USD 70,600 resistance zone, it could continue to decline. The immediate downside support is near the $69,000 level.
The first major support is at $68,500. The next support is now near $68,000. Any further losses could send the price towards the $66,500 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 69,000, followed by USD 68,500.
Major resistance levels – $70,000 and $70,600.