Bitcoin Price Turns Higher, Can It Print New Monthly Highs?

Bitcoin price started a strong increase above the $71,500 zone. BTC is consolidating gains and might aim for more gains above the $73,250 zone.

Bitcoin gained pace for a move above the $71,500 and $72,000 levels.
The price is trading above $71,500 and the 100 hourly simple moving average.
There was a break above a bullish flag pattern with resistance at $71,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend gains if it stays above the $71,500 and $71,250 levels.

Bitcoin Price Aims for More Gains

Bitcoin price managed to climb higher above the $70,500 resistance zone. BTC gained pace for a move above the $71,500 and $72,000 levels.

The pair even rallied above the $72,500 level. Besides, there was a break above a bullish flag pattern with resistance at $71,250 on the hourly chart of the BTC/USD pair. A high was formed at $73,130, and the price started a downside correction. There was a move below the 50% Fib retracement level of the upward move from the $70,536 swing low to the $73,130 high.

However, the bulls were active above $71,500. Bitcoin is now trading above $72,000 and the 100 hourly simple moving average. If the price remains stable above $71,500, it could attempt a fresh increase. Immediate resistance is near the $72,500 level.

The first key resistance is near the $73,250 level. A close above the $73,250 resistance might send the price further higher. In the stated case, the price could rise and test the $74,000 resistance. Any more gains might send the price toward the $74,500 level. The next barrier for the bulls could be $75,000.

Downside Correction In BTC?

If Bitcoin fails to rise above the $73,250 resistance zone, it could start another decline. Immediate support is near the $71,500 level or the 61.8% Fib retracement level of the upward move from the $70,536 swing low to the $73,130 high.

The first major support is near the $71,250 level. The next support is now near the $70,500 zone. Any more losses might send the price toward the $70,000 support in the near term. The main support now sits at $69,500, below which BTC might struggle to recover in the near term.

Technical indicators:

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

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

Major Support Levels – $71,500, followed by $71,250.

Major Resistance Levels – $72,500 and $73,250.

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