Rally

Bitcoin

Resistance

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. 
<ul> 
 <li>Bitcoin price is climbing higher and above the $70,000 resistance zone.</li> 
 <li>The price is trading above $70,500 and the 100 hourly Simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could soon start a fresh rally if it clears the $71,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-regains-strength">Bitcoin Price Regains Strength</h2> 
Bitcoin price remained well-supported above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-uphill-task-70k/" target="_blank" rel="noopener ">$69,000 resistance zone</a>. 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 <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a crucial bullish trend line forming with support at $70,200 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ca0882.png?resize=1024%2C450"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-600270" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ca0882.png?resize=1024%2C450" alt="Bitcoin Price" width="1024" height="450" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ca0882.png?resize=1024%2C450?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ca0882.png?resize=1024%2C450?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ca0882.png?resize=1024%2C450?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ca0882.png?resize=1024%2C450?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ca0882.png?resize=1024%2C450?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ca0882.png?resize=1024%2C450?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ca0882.png?resize=1024%2C450?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 $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. 
<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 $70,200 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.

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

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