Bitcoin Price Trims Gains, But Uptrend Still Holds Strong

The pair might extend gains if it stays above the 70,250 and 69,500 levels. Bitcoin Price Holds Support Bitcoin price managed to climb higher above the 69,500 resistance zone. BTC gained pace for a move above the 70,500 and 71,200 levels. The pair even rallied above the 72,200 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 67,735 swing low to the 72,728 high. However, the bulls were active above 70,000. Bitcoin is now trading above 70,500 and the 100 hourly simple moving average. If the price remains stable above 70,000, it could attempt a fresh increase. Immediate resistance is near the 71,650 level. There is also a new bullish flag pattern forming with resistance at 71,650 on the hourly chart of the BTC/USD pair. The first key resistance is near the 72,000 level. A close above the 72,000 resistance might send the price further higher. In the stated case, the price could rise and test the 72,800 resistance. Any more gains might send the price toward the 73,500 level. The next barrier for the bulls could be 74,000. More Losses In BTC? If Bitcoin fails to rise above the 71,650 resistance zone, it could start another decline. Immediate support is near the 70,300 level or the 50 Fib retracement level of the upward move from the 67,735 swing low to the 72,728 high. The first major support is near the 70,000 level. The next support is now near the 69,650 zone. Any more losses might send the price toward the 69,000 support in the near term. The main support now sits at 68,800, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – 70,300, followed by 70,000. Major Resistance Levels – 71,650 and 72,800.