Bitcoin price remained stable above the $65,000 resistance zone. BTC rose above the resistance levels of $67,500 and $68,000. The bulls even pushed the price above the resistance levels of $68,800 and $70,000. A new weekly high was formed near $71,217, and the price is now consolidating gains. BTC is trading near the 23.6% Fibonacci retracement level of the upward move from the swing low of $66,810 to the swing high of $71,217. Bitcoin is also trading above $70,000 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair is also forming a bullish connecting line with support at $67,500. The trendline is close to the 76.4% Fibonacci retracement level of the upward move from the $66,810 swing low to $71,217 high.
The immediate resistance is near the $70,500 level. The first major resistance could be $71,200. If there is a clear move above the $71,200 resistance zone, the price could continue to gain strength. In the stated case, the price may even break through the $73,500 resistance zone in the near term. The next key resistance is at $75,000.
If Bitcoin fails to rise above the $71,200 resistance zone, it could begin another decline. The immediate support on the downside is near the $70,000 level. The first major support is $69,000. The next support is at $67,800 and the trend line. If the close is below $67,800, the price could start falling towards the $66,800 level. Any further losses could push the price towards the $65,500 support zone in the near term. Among the technical indicators, thus Hourly MACD – MACD is now losing momentum in the bullish zone, Hourly RSI (Relative Strength Index) for BTC/USD is now above the 60 level. Major support levels are $69,000 followed by $67,800. Major Levels Resistances are $70,500, $71,200 and $73,500.
