Bitcoin price is consolidating gains above the $70,000 resistance zone. BTC could rally again if there is a move above the $71,500 resistance in the near term. 
<ul> 
 <li>Bitcoin price moved in a positive zone above the $66,500 level.</li> 
 <li>The price is trading above $70,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $68,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start another increase if it clears the $71,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-regains-strength">Bitcoin Price Regains Strength</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-70k/" target="_blank" rel="noopener ">decent increase</a> above the $68,800 resistance zone. BTC climbed higher above the $69,500 and $70,000 resistance levels. Finally, the price tested the $71,500 resistance zone. 
A new weekly high was formed near $71,557 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $66,811 swing low to the $71,557 high. However, the price remained stable above $69,000. 
Bitcoin is now trading above $70,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-upside-break-68k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bullish trend line forming with support at $68,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8%% Fib retracement level of the upward move from the $66,811 swing low to the $71,557 high. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b1eb4a.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-599909" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b1eb4a.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b1eb4a.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b1eb4a.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b1eb4a.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b1eb4a.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b1eb4a.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b1eb4a.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b1eb4a.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
Immediate resistance is near the $70,800 level. The first major resistance could be $71,500. If there is a clear move above the $71,500 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $72,500 resistance zone in the near term. The next key resistance sits at $73,500. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $71,500 resistance zone, it could start another decline. Immediate support on the downside is near the $70,000 level. 
The first major support is $69,000. The next support sits at $68,500 and the trend line. If there is a close below $68,500, the price could start a drop toward the $67,000 level and the 100 hourly SMA. Any more losses might send the price toward the $66,000 support zone 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 – $68,500, followed by $67,000. 
Major Resistance Levels – $70,500, $71,500, and $73,500.

Bitcoin Price Consolidates Above $70K As Bulls Prepare For More Gains

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