Bitcoin price has started a decent rise above the $70,000 zone. $BTC The price is currently consolidating, and if it exceeds $72,000, there is a possibility of further profits.
- Bitcoin has started a decent recovery wave above the $70,000 zone.
- The price is trading above $70,000 and the 100 hourly simple moving average.
- The price broke above the bullish flag with resistance at $70,500 on the hourly chart. $BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $70,400 and $70,000 levels.
Bitcoin price aims for steady rise
Bitcoin price continued to rise and extended its gains above the $69,200 level. $BTC It broke above the $69,500 and $70,000 resistance levels.
The price broke above the bullish flag with resistance at $70,500 on the hourly chart. $BTC/USD pair. The pair broke above the $71,000 level. The high was formed at $71,750 and the pair is currently consolidating gains near the 23.6% Fib retracement level of the recent bull run from the swing low of $68,971 to the high of $71,750.
Bitcoin is currently trading above $70,800 and its 100-hour simple moving average. If the price remains stable above $70,400, it could attempt another rally. Immediate resistance is near the $71,750 level. The first major resistance level is near the $72,000 level.
If the price closes above the $72,000 resistance, the price could move higher. In the above case, the price could rise and test the $73,200 resistance. Further gains could push the price closer to the $74,000 level. The next barrier for the bulls could be $75,000.
further decline $BTC?
If Bitcoin fails to rise above the $71,750 resistance zone, further decline could begin. Immediate support is near the $70,400 level, or the 50% Fib retracement level of the recent bull run from the swing low of $68,971 to the high of $71,750. The first major support is around the $70,000 level.
The next support is currently located near the $68,800 zone. Any further losses could send the price towards the $67,250 support in the near term. The current major support is $66,500, but it is below that. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently above the 50 level.
Major support level – $70,400 followed by $70,000.
Key resistance levels – $71,750 and $72,000.
