Bitcoin price climbed higher above the $70,000 level. BTC is now holding gains above support and might aim for another increase in the near term.

Bitcoin extended its increase above the $70,000 zone.
The price is trading above $69,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $69,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase unless there is a move below the $68,500 support.

Bitcoin Price Holds Support

Bitcoin price started another increase from the $68,000 support zone. BTC cleared the $69,000 resistance to move further into a positive zone. There was a break above a key bearish trend line with resistance at $69,000 on the hourly chart of the BTC/USD pair.

The pair even climbed above the $70,000 resistance zone. A high was formed at $70,600 and the price recently corrected lower. There was a move below the $70,000 level. The price declined below the 50% Fib retracement level of the upward move from the $67,971 swing low to the $70,600 high.

However, the bulls are now active near the same trend line. They are protecting the 61.8% Fib retracement level of the upward move from the $67,971 swing low to the $70,600 high.

Bitcoin price is now trading above $69,000 and the 100 hourly Simple moving average. If there is a fresh increase, the price might face resistance near the $70,000 level. The first major resistance could be $70,600. The next key resistance could be $71,200.

A clear move above the $71,200 resistance might send the price higher. In the stated case, the price could rise and test the $72,000 resistance. Any more gains might send BTC toward the $73,200 resistance.

Another Drop In BTC?

If Bitcoin fails to climb above the $70,600 resistance zone, it could continue to move down. Immediate support on the downside is near the $69,000 level.

The first major support is $68,500. The next support is now forming near $68,000. Any more losses might send the price toward the $66,500 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 near the 50 level.

Major Support Levels – $69,000, followed by $68,500.

Major Resistance Levels – $70,000, and $70,600.

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Filed under: Bitcoin - @ May 28, 2024 1:09 am