Bitcoin price climbed above $70,000. BTC is currently holding gains above the support and it could rise again in the near term.
Bitcoin extended its rally and broke above the $70,000 area.
The price is currently above $69,000 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance at $69,000 on the hourly chart of the BTC/USD pair (data source from Kraken).
Unless there is a break below the $68,500 support, the pair could start rising again.
Bitcoin price finds support
Bitcoin price started another increase from the $68,000 support area. BTC broke the $69,000 resistance level to move further into the positive zone. There was a break above a key bearish trend line with resistance at $69,000 on the hourly chart of the BTC/USD pair.
The pair even broke the $70,000 resistance area. The price formed a high at $70,600 and recently corrected lower. The price declined below the $70,000 level. The price declined below the 50% Fibonacci retracement level of the upward move from the $67,971 swing low to $70,600 high.
However, the bulls are currently active near the same trend line. They are protecting the 61.8% Fibonacci retracement level of the upward move from the $67,971 swing low to $70,600 high.
Bitcoin price is currently trading above $69,000 and the 100 hourly simple moving average. If there is a fresh increase, the price is likely to face resistance near $70,000. The first major resistance is likely to be $70,600. The next key resistance is likely to be $71,200.
A clear break above the $71,200 resistance could push the price higher. In this case, the price could rise and test the $72,000 resistance. Any further gains could sink BTC towards the $73,200 resistance.
BTC drops again?
If bitcoin fails to clear the $70,600 resistance zone, it is likely to continue its decline. An immediate support on the downside is near $69,000.
The first major support is at $68,500. The next support is currently forming near $68,000. If the price declines further, it could drop to the $66,500 support area in the near term.
Technical indicators:
Hourly MACD – The MACD is currently losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.
The main support level – $69,000, followed by $68,500.
Major Resistance Levels – $70,000 and $70,600.
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