BITCOIN PRICE REMAINS IN RANGE

Bitcoin price formed a base above the $69,000 resistance zone. BTC climbed higher the $70,000 resistance zone to move again into a positive zone.

The price broke the $71,000 level but the bears were active below the $71,500 resistance. The recent high was formed near $71,306 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $69,128 swing low to the $71,306 high.

Bitcoin is now trading above $70,500 and the 100 hourly Simple moving average. There is also a short-term rising channel forming with support at $70,750 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $71,300 level. The first major resistance could be $71,500. If there is a clear move above the $71,500 resistance zone, the price could start a strong increase.

In the stated case, the price could even clear the $72,500 resistance zone in the near term. The next major resistance is near the $73,500 zone.

ANOTHER DROP IN BTC?

If Bitcoin fails to rise above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $70,750 level and the channel trend line.

The first major support is $70,200 and the 50% Fib retracement level of the upward move from the $69,128 swing low to the $71,306 high. The next support sits at $70,000.

If there is a close below $70,000, the price could start a drop toward the $69,120 level. Any more losses might send the price toward the $68,500 support zone in the near term.#BTC🔥🔥🔥🔥 $BTC #Write2Earn‬