Bitcoin price is consolidating gains above the $70,000 resistance zone. BTC could rally again if there is a move above the $71,500 resistance in the near term.
- Bitcoin price moved in a positive zone above the $66,500 level.
- The price is trading above $70,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $68,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $71,500 resistance zone.
Bitcoin Price Regains Strength
Bitcoin price started a decent increase above the $68,800 resistance zone. BTC climbed higher above the $69,500 and $70,000 resistance levels. Finally, the price tested the $71,500 resistance zone.
A new weekly high was formed near $71,557 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $66,811 swing low to the $71,557 high. However, the price remained stable above $69,000.Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $68,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8%% Fib retracement level of the upward move from the $66,811 swing low to the $71,557 high.
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