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Bitcoin price found support near $67,500. BTC started a fresh increase and might soon revisit the $72,500 resistance zone in the near term.
- Bitcoin retested the $67,500 support zone before it started a fresh increase.
- The price is trading above $70,000 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $69,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $71,400 resistance zone.
Bitcoin Price Holds Support
Bitcoin price saw another decline below the $70,000 zone. BTC even dived below the $68,500 level after the US CPI increased more than expected. However, the bulls were active near the $67,500 support.
A low was formed at $67,500 and the price started a fresh increase. There was a move above the $69,200 and $69,500 resistance levels. The price cleared the 50% Fib retracement level of the downward move from the $72,597 swing high to the $67,500 low.
There was a break above a key bearish trend line with resistance at $69,600 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average.
Immediate resistance is near the $71,400 level or the 76.4% Fib retracement level of the downward move from the $72,597 swing high to the $67,500 low. The first major resistance could be $72,500. The next resistance now sits at $72,800. If there is a clear move above the $72,800 resistance zone, the price could continue to move up.
Source: BTCUSD on TradingView.com
In the stated case, the price could rise toward $73,200. The next major resistance is near the $73,500 zone. Any more gains might send Bitcoin toward the $75,000 resistance zone in the near term.
Another Decline In BTC?
If Bitcoin fails to rise above the $71,400 resistance zone, it could start another decline. Immediate support on the downside is near the $70,000 level and the 100 hourly SMA.
The first major support is $69,200. If there is a close below $69,200, the price could start a drop toward the $68,500 level. Any more losses might send the price toward the $67,500 support zone 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 – $70,000, followed by $69,200.
Major Resistance Levels – $71,400, $72,500, and $73,500.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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