Bitcoin price rises above the $70,000 zone. BTC has increased by over 5% and may soon aim to move above the $72,000 resistance zone.

• Bitcoin has started a up-to-date rally above the $68,000 zone.
• The price is above $70,000 and Simple’s 100-hour moving average.
• A connecting bullish trendline is forming on the hourly chart of the BTC/USD pair with support at $68,700 (fed by data from Kraken).
• The pair is rising and could rise above the $72,000 resistance zone or even reach a up-to-date all-time high.

Bitcoin price begins a up-to-date surge

Bitcoin price found support near the $66,500 zone. BTC formed a base and started a up-to-date rally above the $68,000 resistance. The bulls managed to push the price above the resistance at $70,000.

The price recovered and broke through the $70,500 level. It is up over 5% and is trading above the $71,000 level. The high was formed at $71,482 and the price is currently showing signs of strength. It is well above the 23.6% Fib retracement level, a sign of an upward move from a low of $65,531 to a high of $71,482.

Bitcoin price is currently above $70,000 and the 100-hour plain moving average. On the other hand, the price may face resistance near the $71,500 level.

The first key resistance is near the $72,000 level. A clear move above the resistance at $72,000 could result in a price rally. The next key resistance could be $72,200. A close above the resistance at $72,200 may trigger further increases. In this case, the price could move higher and test the $73,000 resistance level. Any further gains could push the price towards the $74,000 resistance level and a up-to-date all-time high. Any further gains could require a $75,000 test.

Are dips supported in BTC?

If Bitcoin does not rise above the $72,000 resistance zone, it may begin a downward correction. Immediate downside support is located near the $70,500 level.

The first major support is located near the $68,500 level or the 50% Fib retracement level for an upward move from the low of $65,531 to the high of $71,482. The next support is now near the $67,800 zone. Any further losses could push the price towards the $66,500 support in the near future.

Technical Indicators:

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

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

Main support levels – $70,500 and then $68,500.

Major resistance levels – $71,500 and $72,000.