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Bitcoin worth is consolidating positive aspects above the $70,000 resistance zone. BTC might rally once more if there’s a transfer above the $71,500 resistance within the close to time period.

• Bitcoin worth moved in a constructive zone above the $66,500 stage.
• The worth is buying and selling above $70,000 and the 100 hourly Simple shifting common.
• There is a key bullish pattern line forming with assist at $68,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin one other improve if it clears the $71,500 resistance zone.

Bitcoin Price Regains Strength

Bitcoin worth began a decent increase above the $68,800 resistance zone. BTC climbed larger above the $69,500 and $70,000 resistance ranges. Finally, the worth examined the $71,500 resistance zone.

A brand new weekly excessive was fashioned close to $71,557 and the worth is now consolidating positive aspects. There was a minor decline beneath the 23.6% Fib retracement stage of the upward transfer from the $66,811 swing low to the $71,557 excessive. However, the worth remained secure above $69,000.

Bitcoin is now buying and selling above $70,000 and the 100 hourly Simple moving average. There can also be a key bullish pattern line forming with assist at $68,500 on the hourly chart of the BTC/USD pair. The pattern line is near the 61.8%% Fib retracement stage of the upward transfer from the $66,811 swing low to the $71,557 excessive.

Source: BTCUSD on TradingView.com

Immediate resistance is close to the $70,800 stage. The first main resistance might be $71,500. If there’s a clear transfer above the $71,500 resistance zone, the worth might proceed to realize power. In the said case, the worth might even clear the $72,500 resistance zone within the close to time period. The subsequent key resistance sits at $73,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,500 resistance zone, it might begin one other decline. Immediate assist on the draw back is close to the $70,000 stage.

The first main assist is $69,000. The subsequent assist sits at $68,500 and the pattern line. If there’s a shut beneath $68,500, the worth might begin a drop towards the $67,000 stage and the 100 hourly SMA. Any extra losses may ship the worth towards the $66,000 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $68,500, adopted by $67,000.

Major Resistance Levels – $70,500, $71,500, and $73,500.

Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding choices. Use data offered on this web site completely at your individual threat.