Bitcoin price has started a robust rally above the $70,000 zone. BTC is consolidating gains and could target more gains above the $71,500 zone.

• Bitcoin gained momentum to break above the $69,500 and $70,500 levels.
• The price is above $70,000 and the 100-hour plain moving average.
• On the hourly chart of the BTC/USD pair, there was a break above the key descending channel with resistance at $68,800 (powered by data from Kraken).
• The pair could extend gains if it holds above the $70,250 and $69,500 levels.

Bitcoin prices raise by 5%

Bitcoin price managed to climb higher above the $68,800 resistance zone. BTC gained momentum to break above the $69,500 and $70,000 levels.

Additionally, there was a break above the key descending channel with resistance at $68,800 on the hourly chart of the BTC/USD pair. The pair even rose above the $72,000 level. The high was formed at $72,728, after which the price began a downward correction. There was a move below the 23.6% Fib retracement level resulting from an upward move from a low of $67,734 to a high of $72,728.

Bitcoin is currently trading above $70,500 and the 100-hour plain moving average. If the price remains stable above $70,500, it could attempt to rise again. Immediate resistance is near the $72,000 level. The first key resistance is near the $72,750 level. A close above the resistance at $72,750 could see the price rise further. In the given case, the price may rise and test the resistance at $73,500. Any further gains could push the price towards the $74,000 level. The next barrier for bulls could be $75,000.

Another BTC drop?

If Bitcoin fails to rise above the $72,750 resistance zone, it could begin another decline. Immediate support is near the $70,800 level. The first major support is located near the $70,250 level or the 50% Fib retracement level for an upward move from the low of $67,734 to the high of $72,728.

The next support is now near the $69,500 zone. Any further losses could push the price towards the $68,800 support in the near future. Major support currently stands at $67,500, below which BTC may have difficulty recovering in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 60 level.

Main support levels – $70,800 and then $70,250.

Major resistance levels – $72,000 and $72,750.