Bitcoin Price Consolidates Above $70K As Bulls Prepare For More Gains

Bitcoin price is consolidating gains above the $70,000 resistance zone. BTC could rally again if there is a move above the $71,500 resistance in the near term.

Bitcoin price moved in a positive zone above the $66,500 level.
The price is trading above $70,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $68,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $71,500 resistance zone.

Bitcoin Price Regains Strength

Bitcoin price started a decent increase above the $68,800 resistance zone. BTC climbed higher above the $69,500 and $70,000 resistance levels. Finally, the price tested the $71,500 resistance zone.

A new weekly high was formed near $71,557 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $66,811 swing low to the $71,557 high. However, the price remained stable above $69,000.

Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $68,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8%% Fib retracement level of the upward move from the $66,811 swing low to the $71,557 high.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $70,800 level. The first major resistance could be $71,500. If there is a clear move above the $71,500 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $72,500 resistance zone in the near term. The next key resistance sits at $73,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,500 resistance zone, it could start another decline. Immediate support on the downside is near the $70,000 level.

The first major support is $69,000. The next support sits at $68,500 and the trend line. If there is a close below $68,500, the price could start a drop toward the $67,000 level and the 100 hourly SMA. Any more losses might send the price toward the $66,000 support zone 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 – $68,500, followed by $67,000.

Major Resistance Levels – $70,500, $71,500, and $73,500.

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