Bitcoin Price Aims Higher: Bullish Trend Signals New Peaks Ahead

Bitcoin
price
climbed
higher
above
the
$70,000
level.
BTC
is
now
holding
gains
above
support
and
might
aim
for
another
increase
in
the
near
term.

• Bitcoin
  extended
  its
  increase
  above
  the
  $70,000
  zone.
• The
  price
  is
  trading
  above
  $69,000
  and
  the
  100
  hourly
  Simple
  moving
  average.
• There
  was
  a
  break
  above
  a
  key
  bearish
  trend
  line
  with
  resistance
  at
  $69,000
  on
  the
  hourly
  chart
  of
  the
  BTC/USD
  pair
  (data
  feed
  from
  Kraken).
• The
  pair
  could
  start
  another
  increase
  unless
  there
  is
  a
  move
  below
  the
  $68,500
  support.

Bitcoin
Price
Holds
Support

Bitcoin
price
started

another
increase
from
the
$68,000
support
zone.
BTC
cleared
the
$69,000
resistance
to
move
further
into
a
positive
zone.
There
was
a
break
above
a
key
bearish
trend
line
with
resistance
at
$69,000
on
the
hourly
chart
of
the
BTC/USD
pair.

The
pair
even
climbed
above
the
$70,000
resistance
zone.
A
high
was
formed
at
$70,600
and
the
price
recently
corrected
lower.
There
was
a
move
below
the
$70,000
level.
The
price
declined
below
the
50%
Fib
retracement
level
of
the
upward
move
from
the
$67,971
swing
low
to
the
$70,600
high.

However,
the
bulls
are
now
active
near
the
same
trend
line.
They
are
protecting
the
61.8%
Fib
retracement
level
of
the
upward
move
from
the
$67,971
swing
low
to
the
$70,600
high.

Bitcoin
price
is
now
trading
above
$69,000
and
the

100
hourly
Simple
moving
average.
If
there
is
a
fresh
increase,
the
price
might
face
resistance
near
the
$70,000
level.
The
first
major
resistance
could
be
$70,600.
The
next
key
resistance
could
be
$71,200.

A
clear
move
above
the
$71,200
resistance
might
send
the
price
higher.
In
the
stated
case,
the
price
could
rise
and
test
the
$72,000
resistance.
Any
more
gains
might
send
BTC
toward
the
$73,200
resistance.

Another
Drop
In
BTC?

If
Bitcoin
fails
to
climb
above
the
$70,600
resistance
zone,
it
could
continue
to
move
down.
Immediate
support
on
the
downside
is
near
the
$69,000
level.

The
first
major
support
is
$68,500.
The
next
support
is
now
forming
near
$68,000.
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
losing
pace
in
the
bullish
zone.

Hourly
RSI
(Relative
Strength
Index)
–
The
RSI
for
BTC/USD
is
now
near
the
50
level.

Major
Support
Levels
–
$69,000,
followed
by
$68,500.

Major
Resistance
Levels
–
$70,000,
and
$70,600.