Bitcoin Price Eyes Upside Break, Can Bulls Send BTC To $75K?

Bitcoin price is holding gains above the $69,200 zone. BTC could gain bullish momentum if it clears the $70,800 and $71,250 resistance levels.

• Bitcoin is attempting another increase above the $70,000 zone.
• The price is trading above $70,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $71,250 resistance zone.

Bitcoin Price Eyes Another Increase

Bitcoin price attempted more gains above the $70,500 level. However, BTC struggled to gain pace for a move above the $71,200 and $71,400 levels.

A high was formed at $71,250 before there was a downside correction. There was a move below the $70,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $67,500 swing low to the $71,250 high.

However, the bulls are active above the $69,200 level. It is close to the 50% Fib retracement level of the upward move from the $67,500 swing low to the $71,250 high.

Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average. Immediate resistance is near the $70,800 level. There is also a connecting bearish trend line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first major resistance could be $71,250. The next resistance now sits at $71,400. If there is a clear move above the $71,400 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $72,600. The next major resistance is near the $73,500 zone. Any more gains might send Bitcoin toward the $75,000 resistance zone in the near term.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,250 resistance zone, it could start another decline. Immediate support on the downside is near the $70,400 level and the 100 hourly SMA.

The first major support is $69,350. If there is a close below $69,350, the price could start a drop toward the $68,500 level. Any more losses might send the price toward the $67,500 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 – $70,400, followed by $69,350.

Major Resistance Levels – $70,800, $71,250, and $72,600.

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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