Bitcoin recently made gains above the $70,000 resistance and it is currently trading above this level. BTC/USD is trading in a positive zone above $66,500 and it is above the 100 hourly Simple Moving Average. In the near future, Bitcoin is likely to rally higher as it surpasses the $71,500 resistance.
The Uptrend Continues
Bitcoin is following a clear uptrend, especially from the $68,500 support level. The price previously managed to surpass the $68,800, $69,500, and $70,000 resistance levels and reached a new weekly high of $71,557. BTC is currently trading above $70,000, with $70,800 serving as an immediate resistance level. If the price clears the $71,500 resistance, the $72,500 and $73,500 targets are expected to come to the fore.
Possible Fall Scenarios
It is stated that if the $71,500 resistance level is not exceeded, a new downtrend may start. Currently, the $70,000 level is important as instant support. If the price breaks below the previous major support at $69,000, the $68,500 support level and below the trend line should be watched. A close below this level could send the price on a decline towards $67,000.
Technical indicators show that the hourly MACD is losing momentum in the bullish zone but the hourly RSI is still above the 50 level. Therefore, while the support levels of $68,500 and $67,000 are critical, the resistance levels of $70,500, $71,500 and $73,500 need to be followed in the upward movements.
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