Bitcoin price extended gains above the $68,000 resistance zone. BTC is currently consolidating and looking for more gains above the resistance at $69,500.

• Bitcoin remained stable and continued gains above the $68,500 zone.
• The price is above $68,500 and Plain’s 100-hour moving average.
• On the hourly chart of the BTC/USD pair (fed with data from Kraken), a key contracting triangle is formed with support at $68,750.
• The pair may continue to rise if there is a close above the resistance zone at $69,450.

Bitcoin price rises to $70,000

Bitcoin price remained supported above the $67,500 zone. BTC began another modest rally above the $68,000 resistance zone. The bulls managed to break the barrier of $68,800.

The price even exceeded the level of $69,000. The highest level was reached near $69,428 and the price is currently consolidating its gains. There has been a slight decline below the $69,000 level, but the price is stable above the 23.6% Fib retracement level, an upward move from the low of $66,644 to the high of $69,428.

Bitcoin price is currently above $68,200 and the 100-hour elementary moving average. A key contracting triangle is also forming on the hourly chart of the BTC/USD pair with support at $68,750.

On the other hand, the price may face resistance near the $69,200 level. The first key resistance is near the $69,500 level. A clear move above the resistance at $69,500 could result in a price boost. The next key resistance could be $70,000.

A close above the resistance at $70,000 could trigger further gains. In this case, the price could move higher and test the resistance level of $71,200. Any further upside could push the price towards the $72,000 resistance level.

Another BTC drop?

If Bitcoin does not rise above the $69,500 resistance zone, it could begin another decline. Immediate downside support is located near the $68,750 level and the triangle trendline.

The first major support is located near the $68,050 level and the 50% Fib retracement level for an upward move from the low of $66,644 to the high of $69,428. The next support is now near the $67,400 zone. Any further losses could push the price towards the $66,500 support in the near future.

Technical Indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

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

Major support levels – $68,750 and then $68,500.

Major resistance levels – $69,500 and $70,000.