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Bitcoin price rises above the $70,000 zone. BTC is up over 5% and could soon aim for a move above the $72,000 resistance zone.
- Bitcoin started a new rise above the $68,000 zone.
- The price is trading above $70,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $68,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is rising and could rise above the $72,000 resistance zone or even reach a new all-time high.
Bitcoin Price Begins New Rise
Bitcoin price found support near the $66,500 zone. BTC formed a base and started a new rise above the USD 68,000 resistance. The bulls were able to pump the price above the USD 70,000 resistance.
The price strengthened again and reached the $70,500 level. It is up over 5% and is trading above the $71,000 level. A high was reached at $71,482 and the price is now showing signs of strength. It is well above the 23.6% Fib retracement level of the upward move from the $65,531 swing low to the $71,482 high.
Bitcoin price is now trading above $70,000 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 71,500 level.
The first major resistance is around the $72,000 level. A clear move above the USD 72,000 resistance could see the price rise. The next major resistance could be at USD 72,200. A close above the resistance at $72,200 could lead to more gains. In the said case, the price could rise and test the USD 73,000 resistance level. Any further gains could send the price towards the USD 74,000 resistance level, which could mark a new all-time high. Even more gains might require a $75,000 test.
Are dips supported in BTC?
If Bitcoin fails to rise above the $72,000 resistance zone, a downward correction could occur. The immediate downside support is near the USD 70,500 level.
The first major support is near the $68,500 level or the 50% Fib retracement level of the upward move from the $65,531 swing low to the $71,482 high. The next support is now near the $67,800 zone. Any further losses could send the price towards the USD 66,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 70,500, followed by USD 68,500.
Major resistance levels – $71,500 and $72,000.
