Bitcoin Price Consolidates Above $70K, Can Bulls Pump BTC To $75K?

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: BTCUSD on TradingView.com

Immediate resistance is near the $71,300 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 Drop In BTC?

If Bitcoin fails to rise above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $70,750 level and the channel trend line.

The first major support is $70,200 and the 50% Fib retracement level of the upward move from the $69,128 swing low to the $71,306 high. The next support sits at $70,000. If there is a close below $70,000, the price could start a drop toward the $69,120 level. 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 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 – $70,750, followed by $70,200.

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

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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