Bitcoin worth is consolidating beneficial properties above the $70,000 resistance zone. BTC may rally once more if there’s a transfer above the $71,500 resistance within the close to time period.
- Bitcoin worth moved in a constructive zone above the $66,500 stage.
- The worth is buying and selling above $70,000 and the 100 hourly Simple transferring common.
- There is a key bullish development line forming with assist at $68,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin one other improve if it clears the $71,500 resistance zone.
Bitcoin Price Regains Strength
Bitcoin worth began a decent increase above the $68,800 resistance zone. BTC climbed greater above the $69,500 and $70,000 resistance ranges. Finally, the worth examined the $71,500 resistance zone.
A brand new weekly excessive was fashioned close to $71,557 and the worth is now consolidating beneficial properties. There was a minor decline beneath the 23.6% Fib retracement stage of the upward transfer from the $66,811 swing low to the $71,557 excessive. However, the worth remained secure above $69,000.
Bitcoin is now buying and selling above $70,000 and the 100 hourly Simple moving average. There can also be a key bullish development line forming with assist at $68,500 on the hourly chart of the BTC/USD pair. The development line is near the 61.8%% Fib retracement stage of the upward transfer from the $66,811 swing low to the $71,557 excessive.
Source: BTCUSD on TradingView.com
Immediate resistance is close to the $70,800 stage. The first main resistance may very well be $71,500. If there’s a clear transfer above the $71,500 resistance zone, the worth may proceed to achieve energy. In the acknowledged case, the worth may even clear the $72,500 resistance zone within the close to time period. The subsequent key resistance sits at $73,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $71,500 resistance zone, it may begin one other decline. Immediate assist on the draw back is close to the $70,000 stage.
The first main assist is $69,000. The subsequent assist sits at $68,500 and the development line. If there’s a shut beneath $68,500, the worth may begin a drop towards the $67,000 stage and the 100 hourly SMA. Any extra losses may ship the worth towards the $66,000 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $68,500, adopted by $67,000.
Major Resistance Levels – $70,500, $71,500, and $73,500.
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