Bitcoin price is consolidating gains above the $69,000 support zone. BTC needs to clear the $71,500 resistance zone to start a steady increase.
- Bitcoin price is still showing positive signs and is facing resistance near $71,500.
- The price is above $69,000 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $69,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $71,500 resistance zone.
Bitcoin price holds support
Bitcoin price remained in a positive zone above the $68,800 resistance zone. BTC climbed above the $70,000 resistance zone, but the bears were active near the $71,500 level.
There were more than two attempts to overcome the $71,500 level, but the bulls failed. There was a downward correction and the price tested the $68,400 support. A low was formed at $68,366 and the price is now starting a decent increase.
There was a move above the 23.6% Fib retracement level of the downward move from the swing high at $71,746 to the low at $68,366. Bitcoin is now trading above $69,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair.
Immediate resistance lies near the $70,000 level or the 50% Fib retracement level of the downward move from the swing high at $71,746 to the low at $68,366. The first major resistance could be at $71,200.
Source: BTCUSD on TradingView.com
The main resistance is still at $71,500. If there is a clear move above the $71,500 resistance zone, the price could gain further strength. In the mentioned case, the price could even overcome the resistance zone of $72,500 in the short term.
More losses on BTC?
If Bitcoin fails to rise above the $71,200 resistance zone, another decline could occur. The immediate downside support is near the $69,200 level and the trend line.
The first major support is at $68,400. The next support is at $67,500. If the close is below $67,500, the price could decline towards the $66,000 level. Any further losses could push the price towards the $66,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support levels – $68,400, followed by $67,000.
Major resistance levels – $70,000, $71,500 and $73,500.
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