Bitcoin Price Jumps Amid Peace Talks, Risk Appetite Ignites Rally

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price started a strong increase above the $70,000 zone. BTC is consolidating gains and might aim for more gains above the $71,500 zone.

• Bitcoin gained pace for a move above the $69,500 and $70,500 levels.
• The price is trading above $70,000 and the 100 hourly simple moving average.
• There was a break above a key declining channel with resistance at $68,800 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 Rallies 5%

Bitcoin price managed to climb higher above the $68,800 resistance zone. BTC gained pace for a move above the $69,500 and $70,000 levels.

Besides, there was a break above a key declining channel with resistance at $68,800 on the hourly chart of the BTC/USD pair. The pair even rallied above the $72,000 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 $67,734 swing low to the $72,728 high.

Bitcoin is now trading above $70,500 and the 100 hourly simple moving average. If the price remains stable above $70,500, it could attempt a fresh increase. Immediate resistance is near the $72,000 level. The first key resistance is near the $72,750 level. A close above the $72,750 resistance might send the price further higher. In the stated case, the price could rise and test the $73,500 resistance. Any more gains might send the price toward the $74,000 level. The next barrier for the bulls could be $75,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $72,750 resistance zone, it could start another decline. Immediate support is near the $70,800 level. The first major support is near the $70,250 level or the 50% Fib retracement level of the upward move from the $67,734 swing low to the $72,728 high.

The next support is now near the $69,500 zone. Any more losses might send the price toward the $68,800 support in the near term. The main support now sits at $67,500, 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 60 level.

Major Support Levels – $70,800, followed by $70,250.

Major Resistance Levels – $72,000 and $72,750.