Poised for a Major Upswing

Bitcoin price started a fresh increase above the $70,000 resistance. BTC is showing positive signs and might rise further above the $72,000 resistance in the near term.

• Bitcoin started a decent increase above the $69,500 and $70,000 resistance levels.
• The price is trading above $69,500 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it settles above the $71,200 level.

Bitcoin Price Eyes More Upsides

Bitcoin price formed a base and started a fresh increase above the $68,500 resistance. BTC was able to clear the $69,500 and $70,000 levels to move into a positive zone.

The bulls even pushed the price above $71,200. A high was formed at $71,238 and the price is now consolidating gains. The price is stable above the 23.6% Fib retracement level of the upward move from the $67,284 swing low to the $71,258 high.

Bitcoin is now trading above $69,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing resistance near the $71,200 level. The first major resistance could be $71,500. The next key resistance could be $72,000. A clear move above the $72,000 resistance might send the price higher. In the stated case, the price could rise and test the $73,200 resistance. Any more gains might send BTC toward the $75,000 resistance.

Another Decline In BTC?

If Bitcoin fails to climb above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $70,300 level.

The first major support is $69,400 or the trend line. The next support is now forming near $69,200 or the 50% Fib retracement level of the upward move from the $67,284 swing low to the $71,258 high. Any more losses might send the price toward the $68,500 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 – $70,300, followed by $69,400.

Major Resistance Levels – $71,200, and $72,000.