Bitcoin price is consolidating above $72,000. BTC is showing positive signs and could soon reach a new all-time high.

  • Bitcoin has started to rise again above $71,000.

  • The price is trading above $71,500 and the 100-hour simple moving average.

  • There is an important upward trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair (data from Kraken).

  • This currency pair is consolidating its upward momentum and may rise above the resistance area of $73,500.

Bitcoin price aims for a higher potential increase

Bitcoin price remains strong above the $70,500 area. BTC has formed a base and started a new rise above the resistance of $72,000. The buyers have been able to push the price above the resistance of $72,500.

The price has regained strength and surpassed $73,200. A high was formed at $73,574 and the price is currently consolidating the gains. There has been a slight drop below the $73,000 level. The price has tested the 23.6% Fib retracement level of the upward wave from the swing low of $65,530 to the high of $73,574.

Bitcoin price is currently trading above $71,500 and the 100-hour simple moving average. Additionally, there is an important upward trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair.

On the positive side, the price may encounter resistance near $73,000. The first significant resistance is near $73,500. A clear move above the resistance of $73,500 could push the price higher. The next significant resistance could be $74,200.

Closing above the resistance of $74,200 could initiate further bullish moves. In that case, the price could rise and test the resistance at $75,500. Any further bullish run could bring the price to the resistance of $78,000. Any further bullish run could lead to a test of $80,000.

Does BTC have bearish support?

If Bitcoin fails to break through the resistance area of $73,000, it may begin to correct downward. Immediate support on the downside is near $71,650.

The first major support level is near $69,500, the trendline, and the 50% Fib retracement level of the upward wave from the low of $65,530 to the high of $73,574. The next support level is currently near the $68,600 area. Any further losses could push the price down to the support level of $67,500 in the near future.

Technical indicators:

  • Hourly MACD – The MACD is currently slowing down in the bullish zone.

  • Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is currently above 50.

  • Major support level – $71,650, followed by $69,500.

  • Major resistance level – $73,000 and $73,500.


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