Bitcoin price consolidates gains above the $69,000 support zone. BTC needs to break through the $71,500 resistance zone to begin a steady increase.
- Bitcoin price is still showing positive signs and faces resistance near $71,500.
- The price is trading above $69,000 and the 100 hourly simple moving average.
- A major bullish trendline is forming with support at $69,120 on the hourly chart of BTC/USD (Kraken data feed).
- The pair could begin a further rise if it breaks the $71,500 resistance zone.
Bitcoin price maintains 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 cross the $71,500 level, but the bulls failed. There was a downward correction and the price tested the $68,400 support. A low formed at $68,366 and the price is now starting a decent increase.
There was a move above the 23.6% Fibonacci retracement level of the downside move from the $71,746 high to $68,366 low. Bitcoin is now trading above $69,000 and the 100 hourly simple moving average. There is also a major uptrend line forming with support at $69,120 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $70,000 level or the 50% Fibonacci retracement level of the downward move from the $71,746 high to $68,366 low. The first major resistance could be $71,200.
Source: BTCUSD on TradingView.com
The main resistance is still near $71,500. If there is a clear move above the $71,500 resistance zone, the price could continue to strengthen. In the presented case, the price could even cross the $72,500 resistance zone in the short term.
More losses in BTC?
If Bitcoin fails to move above the $71,200 resistance zone, it could begin a further decline. Immediate downside support is near the $69,200 level and the trendline.
The first major support is $68,400. The next support lies at $67,500. If there is a close below $67,500, the price could begin a decline towards the $66,000 level. Any further losses could send the price towards the $66,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $68,400, followed by $67,000.
Major resistance levels – $70,000, $71,500 and $73,500.
Disclaimer: The article is provided for educational purposes only. It does not represent the views of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.