Bitcoin Price Jumps Amid Peace Talks, Risk Appetite Ignites Rally

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.