Bitcoin price is moving above the $71,200 resistance level. BTC is showing positive signs and it might extend gains above $72,500 soon.
Bitcoin climbed above the $69,500 and $70,000 resistance levels.
It is trading above $70,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $70,750 on the hourly chart of the BTC/USD pair.
The pair is likely to accelerate higher if it breaks above the $72,500 resistance area.
Bitcoin price regains momentum
Bitcoin price started a significant increase above the $68,500 resistance area. BTC cleared the $69,500 and $70,000 resistance levels to move into a positive zone.
The price even broke the $71,200 resistance area. A high was formed near the $72,609 level and the price is currently correcting gains. The price declined below the $72,000 level. The price corrected below the 23.6% Fib retracement level of the upward wave from the $68,954 swing low to $72,609 high.
Bitcoin is currently trading above $70,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $70,750 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward wave from the $68,954 swing low to $72,609 high.
An immediate resistance is near $72,000. The first major resistance could be $72,500. The next resistance is currently at $72,800. If there is a clear break above the $72,800 resistance zone, the price could start a fresh increase.
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In the mentioned scenario, the price could rise to $73,500. The next major resistance is near the $74,000 area. If Bitcoin rises further, it might push it towards the $75,000 resistance zone in the near term.
Is BTC Supporting Dips?
If bitcoin fails to clear the $72,000 resistance, it is likely to continue to decline. An immediate support on the downside is near the $70,7500 level or the trend line.
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The first major support is at $70,350. The next support is at $70,000. If there is a close below $70,000, the price could start a decline towards the $68,500 level. Any more losses could lead the price towards the $67,500 support area in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently close to the 50 level.
Major Support Level – $70,750, followed by $70,000.
Major Resistance Levels – $72,000, $72,500, and $73,500.
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