Bitcoin price is consolidating above the $70,000 resistance zone. BTC might remain in a range for some time before the bulls attempt a move toward $75,000.
- Bitcoin price is struggling to gain pace above the $71,500 resistance zone.
- The price is trading above $70,500 and the 100 hourly Simple moving average.
- There is a short-term rising channel forming with support at $70,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could soon start a fresh rally if it clears the $71,500 resistance zone.
Bitcoin Price Remains In Range
Bitcoin price formed a base above the $69,000 resistance zone. BTC climbed higher the $70,000 resistance zone to move again into a positive zone.
The price broke the $71,000 level but the bears were active below the $71,500 resistance. The recent high was formed near $71,306 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $69,128 swing low to the $71,306 high.Bitcoin is now trading above $70,500 and the 100 hourly Simple moving average. There is also a short-term rising channel forming with support at $70,750 on the hourly chart of the BTC/USD pair.
Source: