Bitcoin Price Primed To Clear $71,500 and Rally Again

Aayush Jindal

Last Updated: June 11, 2024 10:16 am

2 mins read

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Bitcoin price is again rising above the $70,000 resistance zone. BTC seems to be setting up for a steady increase above the $71,500 resistance zone.

Bitcoin price is climbing higher and above the $70,000 resistance zone.
The price is trading above $70,500 and the 100 hourly Simple moving average.
There is a crucial bullish trend line forming with support at $70,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could soon start a fresh rally if it clears the $71,500 resistance zone.

Bitcoin Price Regains Strength

Bitcoin price remained well-supported above the $69,000 resistance zone. BTC climbed higher the $70,000 resistance zone to move again into a positive zone.

The price broke the $71,000 level and retested $71,500. A high was formed near $71,539 and there was a downside correction. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $68,468 swing low to the $71,539 high.

Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average. There is also a crucial bullish trend line forming with support at $70,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $71,200 level. The first major resistance could be $71,500. If there is a clear move above the $71,500 resistance zone, the price could start a strong increase. In the stated case, the price could even clear the $72,500 resistance zone in the near term. The next major resistance is near the $73,500 zone.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,500 resistance zone, it could start another decline. Immediate support on the downside is near the $70,200 level and the trend line.

The first major support is $70,000 and the 50% Fib retracement level of the upward move from the $68,468 swing low to the $71,539 high. The next support sits at $69,200. If there is a close below $69,200, the price could start a drop toward the $68,000 level. Any more losses might send the price toward the $66,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $70,200, followed by $69,200.

Major Resistance Levels – $71,200, $71,500, and $73,500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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