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Bitcoin value is holding positive aspects above the $69,200 zone. BTC may acquire bullish momentum if it clears the $70,800 and $71,250 resistance ranges.

• Bitcoin is trying one other improve above the $70,000 zone.
• The value is buying and selling above $70,000 and the 100 hourly Simple transferring common.
• There is a connecting bearish pattern line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may acquire bullish momentum if it clears the $71,250 resistance zone.

Bitcoin Price Eyes Another Increase

Bitcoin value tried more gains above the $70,500 stage. However, BTC struggled to realize tempo for a transfer above the $71,200 and $71,400 ranges.

A excessive was shaped at $71,250 earlier than there was a draw back correction. There was a transfer under the $70,500 stage. The value dipped under the 23.6% Fib retracement stage of the upward transfer from the $67,500 swing low to the $71,250 excessive.

However, the bulls are energetic above the $69,200 stage. It is near the 50% Fib retracement stage of the upward transfer from the $67,500 swing low to the $71,250 excessive.

Bitcoin is now buying and selling above $70,000 and the 100 hourly Simple moving average. Immediate resistance is close to the $70,800 stage. There can be a connecting bearish pattern line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first main resistance may very well be $71,250. The subsequent resistance now sits at $71,400. If there’s a clear transfer above the $71,400 resistance zone, the worth may proceed to maneuver up. In the said case, the worth may rise towards $72,600. The subsequent main resistance is close to the $73,500 zone. Any extra positive aspects would possibly ship Bitcoin towards the $75,000 resistance zone within the close to time period.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,250 resistance zone, it may begin one other decline. Immediate assist on the draw back is close to the $70,400 stage and the 100 hourly SMA.

The first main assist is $69,350. If there’s a shut under $69,350, the worth may begin a drop towards the $68,500 stage. Any extra losses would possibly ship the worth towards the $67,500 assist zone within the close to time period.

Technical indicators:

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

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

Major Support Levels – $70,400, adopted by $69,350.

Major Resistance Levels – $70,800, $71,250, and $72,600.

Disclaimer: The article is supplied for academic functions solely. It doesn’t signify 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 selections. Use info supplied on this web site completely at your individual danger.