Bitcoin Price Trims Gains, But Uptrend Still Holds Strong

Bitcoin price started a strong increase above the $70,500 zone. BTC is consolidating gains and might aim for more gains above the $71,650 zone.

• Bitcoin gained pace for a move above the $70,500 and $71,500 levels.
• The price is trading above $70,200 and the 100 hourly simple moving average.
• There is a new bullish flag pattern forming with resistance at $71,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend gains if it stays above the $70,250 and $69,500 levels.

Bitcoin price managed to climb higher above the $69,500 resistance zone. BTC gained pace for a move above the $70,500 and $71,200 levels.

The pair even rallied above the $72,200 level. A high was formed at $72,728, and the price started a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $67,735 swing low to the $72,728 high.

However, the bulls were active above $70,000. Bitcoin is now trading above $70,500 and the 100 hourly simple moving average. If the price remains stable above $70,000, it could attempt a fresh increase. Immediate resistance is near the $71,650 level. There is also a new bullish flag pattern forming with resistance at $71,650 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $72,000 level. A close above the $72,000 resistance might send the price further higher. In the stated case, the price could rise and test the $72,800 resistance. Any more gains might send the price toward the $73,500 level. The next barrier for the bulls could be $74,000.

If Bitcoin fails to rise above the $71,650 resistance zone, it could start another decline. Immediate support is near the $70,300 level or the 50% Fib retracement level of the upward move from the $67,735 swing low to the $72,728 high.

The first major support is near the $70,000 level. The next support is now near the $69,650 zone. Any more losses might send the price toward the $69,000 support in the near term. The main support now sits at $68,800, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $70,300, followed by $70,000.

Major Resistance Levels – $71,650 and $72,800.