Bitcoin price started to rise steadily above the $72,000 zone. $BTC The price is currently consolidating, and if it exceeds $73,000, there is a possibility of further profits.
- Bitcoin has started a decent rally above the $72,000 zone.
- The price is trading above $71,200 and the 100-hour simple moving average.
- On the hourly chart of , a bullish trend line has formed with support at $71,500. $BTC/USD pair (data feed from Kraken).
- The pair can continue higher if it clears the $73,000 and $74,000 levels.
Bitcoin price regains pace
Bitcoin price continued to rise and extended its gains above the $70,500 level. $BTC It broke above the $71,200 and $72,000 resistance levels.
The bulls were able to push the price above the 50% Fib retracement level of the decline from the swing high of $73,928 to the low of $70,200. Additionally, a bullish trend line has formed on the hourly chart with support at $71,500. $BTC/USD pair.
Bitcoin is currently trading above $71,800 and its 100-hour simple moving average. If the price remains stable above $71,500, it could attempt another rally. Immediate resistance is near the $72,800 level. The first major resistance is near the $73,000 level, or the 76.4% Fib retracement level of the decline from the swing high of $73,928 to the low of $70,200.
If the price closes above the $73,000 resistance, the price could move higher. In the above case, the price could rise and test the $73,800 resistance. Further gains could push the price closer to the $74,000 level. The next barrier for the bulls could be $75,000.
further decline $BTC?
If Bitcoin fails to rise above the $73,000 resistance zone, a further decline could begin. Immediate support is near the $72,000 level. The first major support is located near the $71,500 level or trendline zone.
The next support is currently located near the $71,200 zone. Any further losses could send the price towards the $70,350 support in the near term. The current main support is $70,000, below which it is falling. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently above the 50 level.
Major support level – $72,000, followed by $71,500.
Key resistance levels – $73,000 and $74,000.
