Bitcoin price is consolidating above the $72,000 zone. BTC is showing positive signs and might soon aim for a new all-time high.
Bitcoin started a fresh increase above the $71,000 zone.
The price is trading above $71,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is consolidating gains and might rise above the $73,500 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin price remained strong above the $70,500 zone. BTC formed a base and started a fresh increase above the $72,000 resistance. The bulls were able to pump the price above the $72,500 resistance.
The price regained strength and cleared the $73,200 level. A high was formed at $73,574 and the price is now consolidating gains. There was a minor decline below the $73,000 level. The price tested the 23.6% Fib retracement level of the upward wave from the $65,530 swing low to the $73,574 high.
Bitcoin price is now trading above $71,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $73,000 level. The first key resistance is near the $73,500 level. A clear move above the $73,500 resistance might send the price higher. The next key resistance could be $74,200.
A close above the $74,200 resistance might initiate more gains. In the stated case, the price could rise and test the $75,500 resistance level. Any more gains might send the price toward the $78,000 resistance level. Any more gains might call for a test of $80,000.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $73,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $71,650 level.
The first major support is near the $69,500 level, the trend line, and the 50% Fib retracement level of the upward wave from the $65,530 swing low to the $73,574 high. The next support is now near the $68,600 zone. Any more losses might send the price toward the $67,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $71,650, followed by $69,500.
Major Resistance Levels – $73,000, and $73,500.
