Bitcoin Price Cools Above $70K, Breakout Battle Near $72K Looms

Bitcoin price started a recovery wave from $60,000. BTC is now consolidating gains above $70,000 and faces hurdles near the $72,000 zone.

Bitcoin is attempting to recover but is struggling to clear hurdles.
The price is trading above $70,000 and the 100 hourly simple moving average.
There was a break above a bearish trend line with resistance at $69,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might dip again if it trades below the $68,500 and $67,200 levels.

Bitcoin Price Holds Support

Bitcoin price managed to remain stable above the $65,000 zone. BTC started a recovery wave and was able to climb above the $68,500 resistance zone.

The price surpassed the 50% Fib retracement level of the recent downward move from the $78,988 swing high to the $60,500 low. Besides, there was a break above a bearish trend line with resistance at $69,800 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $70,000 and the 100 hourly simple moving average. If the price remains stable above $70,000, it could attempt a fresh increase. Immediate resistance is near the $71,200 level. The first key resistance is near the $72,000 level or the 61.8% Fib retracement level of the recent downward move from the $78,988 swing high to the $60,500 low.

A close above the $72,000 resistance might send the price further higher. In the stated case, the price could rise and test the $73,200 resistance. Any more gains might send the price toward the $74,650 level. The next barrier for the bulls could be $75,000 and $75,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $72,000 resistance zone, it could start another decline. Immediate support is near the $70,000 level. The first major support is near the $68,500 level.

The next support is now near the $67,200 zone. Any more losses might send the price toward the $66,000 support in the near term. The main support now sits at $65,000, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $68,500, followed by $67,200.

Major Resistance Levels – $72,000 and $74,650.

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