Bitcoin Price Faces Uphill Task But Indicators Signal More Upsides

 Bitcoin Price Faces Uphill Task But Indicators Signal More Upsides

Bitcoin price is consolidating gains above the $69,000 support zone. BTC must clear the $71,500 resistance zone to start a steady increase.

Bitcoin price is still showing positive signs and facing resistance near $71,500.

The price is trading above $69,000 and the 100 hourly Simple moving average.

There is a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start another increase if it clears the $71,500 resistance zone.

Bitcoin Price Holds Support

Bitcoin price remained in a positive zone above the $68,800 resistance zone. BTC climbed higher the $70,000 resistance zone, but the bears were active near the $71,500 level.

There were more than two attempts to clear the $71,500 level but the bulls failed. There was a downside correction, and the price tested the $68,400 support. A low was formed at $68,366 and the price is now starting a decent increase.

There was a move above the 23.6% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. Bitcoin is now trading above $69,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. The first major resistance could be $71,200.