Bitcoin Price Approaches Break Zone, Upside Move Looks Likely


Bitcoin price started a recovery wave above $69,200. BTC is now back above $70,000 and might aim for a steady increase if it clears $71,650.

  • Bitcoin started a decent recovery wave above $69,500 and $70,000.
  • The price is trading above $70,000 and the 100 hourly simple moving average.
  • There is a bullish flag pattern forming with resistance at $70,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might start another decline if it stays below the $71,200 and $71,650 levels.

Bitcoin Price Faces Resistance

Bitcoin price started a recovery wave above the $68,800 pivot level. BTC climbed above the $69,200 and $69,500 resistance levels.

The bulls were able to push the price above the 38.2% Fib retracement level of the downward move from the $75,997 swing high to the $67,343 low. The price even climbed above $71,200 before the bears appeared near the $71,650 level.

Bitcoin is now trading above $70,000 and the 100 hourly simple moving average. If the price remains stable above $69,500, it could attempt a fresh increase. Immediate resistance is near the $70,700 level. There is also a bullish flag pattern forming with resistance at $70,700 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first key resistance is near the $71,650 level or the 50% Fib retracement level of the downward move from the $75,997 swing high to the $67,343 low. A close above the $71,650 resistance might send the price further higher. In the stated case, the price could rise and test the $72,500 resistance. Any more gains might send the price toward the $73,200 level. The next barrier for the bulls could be $73,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,650 resistance zone, it could start another decline. Immediate support is near the $70,000 level. The first major support is near the $69,500 level.

The next support is now near the $69,000 zone. Any more losses might send the price toward the $68,200 support in the near term. The main support now sits at $67,500, below which BTC might struggle to recover 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 above the 50 level.

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

Major Resistance Levels – $70,700 and $71,650.



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