Bitcoin price is moving higher above the $71,200 resistance. BTC is showing positive signs and might soon extend gains above $72,500.
- Bitcoin climbed higher above $69,500 and $70,000 resistance levels.
- The price is trading above $70,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line 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 clears the $72,500 resistance zone.
Bitcoin Price Regains Momentum
Bitcoin price started a decent increase above the $68,500 resistance zone. BTC cleared the $69,500 and $70,000 resistance levels to move into a positive zone.
The price even cleared the $71,200 resistance zone. A high was formed near the $72,609 level and the price is now correcting gains. There was a move below the $72,000 level. The price corrected lower below the 23.6% Fib retracement level of the upward wave 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. There is also a key bullish trend line forming with support near $70,750 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward wave from the $68,954 swing low to the $72,609 high.
Immediate resistance is near the $72,000 level. The first major resistance could be $72,500. The next resistance now sits at $72,800. If there is a clear move above the $72,800 resistance zone, the price could start a fresh increase.
Source: BTCUSD on TradingView.com
In the stated case, the price could rise toward $73,500. The next major resistance is near the $74,000 zone. Any more gains might send Bitcoin toward the $75,000 resistance zone in the near term.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $72,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $70,7500 level or the trend line.
The first major support is $70,350. The next support sits at $70,000. If there is a close below $70,000, the price could start a drop toward the $68,500 level. Any more losses might send the price toward 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 near the 50 level.
Major Support Levels – $70,750, followed by $70,000.
Major Resistance Levels – $72,000, $72,500, and $73,500.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Author: Aayush Jindal
