Bitcoin price is rising and is currently trading above the $70,000 resistance zone. BTC may continue to rise to $73,000 and $75,000 in the near future.
Bitcoin price remains in positive territory above $66,500.
The price is trading above $70,000 and the 100 hourly simple moving average.
There is a connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if it breaks through the resistance area at $71,200.
Bitcoin price restarts rising
Bitcoin price remains stable above the $65,000 resistance area. BTC climbed higher above the $67,500 and $68,000 resistance levels. The bulls even pushed the price above the $68,800 and $70,000 resistance levels.
A new weekly high was formed near $71,217 and the price is currently consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the low of $66,810 to the high of $71,217. Bitcoin is also trading above $70,000 and the 100 hourly simple moving average.
There is also a connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $66,810 swing low to $71,217 high.
Immediate resistance is near the $70,500 level. The first major resistance level could be at $71,200. If there is a clear move above the $71,200 resistance area, the price could continue to gain strength. In the said case, the price could even clear the $73,500 resistance area in the near term. The next key resistance lies at 75.000 USD.
Another BTC Drop?
If Bitcoin fails to rise above the $71,200 resistance area, it could initiate another decline. Immediate support on the downside is near the $70,000 level.
The first major support is at 69,000 USD. The next support lies at $67,800 and the trendline. If there is a close below $67,800, the price could start to decline towards $66,800. Any further losses could push the price towards the $65,500 support zone
