Bitcoin Price Primed To Clear $71,500 and Rally Again

Bitcoin price is again rising above the $70,000 resistance zone. BTC seems to be setting up for a steady increase above the $71,500 resistance zone.

• Bitcoin price is climbing higher and above the $70,000 resistance zone.
• The price is trading above $70,500 and the 100 hourly Simple moving average.
• There is a crucial bullish trend line forming with support at $70,200 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 Regains Strength

Bitcoin price remained well-supported 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 and retested $71,500. A high was formed near $71,539 and there was a downside correction. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $68,468 swing low to the $71,539 high.

Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average. There is also a crucial bullish trend line forming with support at $70,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $71,200 level. The first major resistance could be $71,500. If there is a clear move above the $71,500 resistance zone, the price could start a strong increase. In the stated case, the price could even clear the $72,500 resistance zone in the near term. The next major resistance is near the $73,500 zone.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,500 resistance zone, it could start another decline. Immediate support on the downside is near the $70,200 level and the trend line.

The first major support is $70,000 and the 50% Fib retracement level of the upward move from the $68,468 swing low to the $71,539 high. The next support sits at $69,200. If there is a close below $69,200, the price could start a drop toward the $68,000 level. Any more losses might send the price toward the $66,500 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 – $70,200, followed by $69,200.

Major Resistance Levels – $71,200, $71,500, and $73,500.