Bitcoin Price Consolidates Above Support, Bullish Bias Strengthens

Bitcoin price started a decent increase above $68,500 but failed at $70,000. BTC is now consolidating and might aim for more gains above $68,800.

• Bitcoin started a fresh increase after it settled above the $68,000 support.
• The price is trading above $68,000 and the 100 hourly simple moving average.
• There is a contracting triangle forming with resistance at $68,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might dip again if it trades below the $67,000 and $66,550 levels.

Bitcoin price managed to form a base above the $66,500 zone. BTC started a fresh increase and was able to surpass the $67,400 resistance zone.

The price even rallied above the $68,800 resistance. Finally, the bears appeared near $70,000. A high was formed at $70,100, and the price recently corrected some gains. There was a move below $68,000, and the price tested the 50% Fib retracement level of the upward move from the $63,030 swing low to the $70,100 high.

Bitcoin is now trading above $68,000 and the 100 hourly simple moving average. If the price remains stable above $67,400, it could attempt a fresh increase. Immediate resistance is near the $68,500 level. There is also a contracting triangle forming with resistance at $68,400 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $69,550 level. A close above the $69,550 resistance might send the price further higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send the price toward the $70,500 level. The next barrier for the bulls could be $70,850 and $71,200.

If Bitcoin fails to rise above the $68,800 resistance zone, it could start another decline. Immediate support is near the $67,400 level. The first major support is near the $66,550 level.

The next support is now near the $65,000 zone. Any more losses might send the price toward the $64,700 support in the near term. The main support now sits at $63,000, below which BTC might struggle to recover 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 above the 50 level.

Major Support Levels – $67,400, followed by $66,550.

Major Resistance Levels – $68,800 and $70,000.