Introduction

The price of Bitcoin is once again increasing above the $70,000 resistance area. Bitcoin is preparing for a steady rise above the $71,500 resistance level.

The price of Bitcoin is steadily climbing above $70,000 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a crucial bullish trend line is forming with support at $70,200. A fresh rally could begin if the price surpasses the $71,500 resistance level.

Bitcoin's price remained well-supported above $69,000 and moved higher above the $70,000 resistance level. The price broke through $71,000 and was re-tested at $71,500 before a slight decline. It is currently trading above $70,000 and the 100 hourly Simple Moving Average, with a bullish trend line at $70,200.

Conclusion

If Bitcoin successfully breaks through the $71,500 resistance level, it could see a strong increase. However, if it fails to do so, it may experience another decline with immediate support at $70,200 and the trend line. Major support levels are at $70,000 and $69,200, with further support at $68,000 and $66,500 if the price continues to drop. Technical indicators show that the MACD is in the bullish zone and the RSI for BTC/USD is above the 50 level. Major resistance levels are at $71,200, $71,500, and $73,500.