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The price of Bitcoin converges above the $70,000 area. BTC is up more than 5% and may soon aim to move above the $72,000 resistance area.
- Bitcoin started a new increase above the $68,000 area.
- The price is trading above $70,000 and the hourly moving average is 100.
- There is a connecting bullish trendline forming with support at $68,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is bullish and may rise above the $72,000 resistance area or reach a new high.
Bitcoin Price Begins New Surge
Bitcoin price found support near the $66,500 area. BTC formed a base and started a new increase above the $68,000 resistance. The bulls managed to pump the price above the $70,000 resistance.
The price regained strength and cleared the $70,500 level. It is up 5% and trading above the $71,000 level. A high was formed at $71,482 and the price is now showing signs of strength. It is well above the 23.6% Fib retracement level of the upward move from the swing low of $65,531 to the swing high of $71,482.
Bitcoin price is now trading above $70,000 with an hourly moving average of $100 per hour. On the other hand, the price could face resistance near the $71,500 level.
The first key resistance is near the $72,000 level. A clear move above the $72,000 resistance could send the price higher. The next key resistance would be $72,200. A close above the $72,200 resistance could trigger further gains. In the mentioned case, the price can rise and test the resistance level of $73,000. Any further gains could send the price to the $74,000 resistance level and a new all-time high. Any additional benefits would require a $75,000 assessment.
Are Dips supported in BTC?
If Bitcoin fails to rise above the $72,000 resistance area, it could start an inverse correction. Immediate support on the downside is near the $70,500 level.
The first major support is near the $68,500 level or the 50% Fib retracement level of the rise from the $65,531 swing low to the $71,482 high. The next support is now near the $67,800 area. Another loss could send the price to the $66,500 support in the near term.
Technical indicators:
Hourly MACD – MACD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major Support Levels – $70,500, followed by $68,500.
Major Objection Levels – $71,500, and $72,000.
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