Bitcoin Price Sights New ATH

Bitcoin price is consolidating gains above the $70,000 zone. BTC could consolidate for some time before a fresh rally to a new ATH.

Bitcoin price rallied above the key $70,000 resistance zone. BTC is likely to consolidate for some time before another leg up towards a new all-time high (ATH).

Bitcoin Price Analysis

Bitcoin price gained bullish momentum last week after bulls defended the $60,000 support zone. As a result, BTC began a fresh increase above the $66,500 resistance zone.

Moreover, Bitcoin price settled above the $70,000 resistance and the 50-day simple moving average (blue) to move into a positive zone. Finally, the last swing low was at $65,265 before another leg up.

On the daily chart, the bulls cleared a bullish continuation pattern with resistance at $68,000, which opened the doors for a fresh rally above the $72,000 resistance zone.

Bitcoin price extended gains above $73,000 but failed to set a new all-time high. A high was formed at $73,525 and the price is now consolidating gains. There was a minor pullback below the $72,500 level.

The price tested the 23.6% Fib retracement level of the upward move from the $65,265 swing low to the $73,525 high. Immediate resistance on the upside is near the $73,000 level.

The first major resistance is seen near the $73,500 level. To continue higher and trade to a new all-time high, BTC price must settle above the $73,500 resistance zone. The next resistance is seen near the $75,000 zone.

A daily close above the $75,000 resistance zone could set the pace for a larger rally. In the stated case, the bulls might push the price toward the $80,000 resistance. The next stop for the bulls could be $83,500 or even $85,000.

Bitcoin price might struggle near $73,000 or $73,500 and start another decline. Immediate support on the downside is near the $71,500 level.

The first major support is near the $69,400 level and the 50% Fib retracement level of the upward move from the $65,265 swing low to the $73,525 high. The main support is now near the $67,200 level. A downside break below the $67,200 level could send the price toward a connecting bullish trend line, the 50-day simple moving average (blue), and $64,000.

A downside break below the $64,000 support zone could spark bearish moves. In the stated case, the price might decline toward the $62,500 zone. Any more losses could open the doors for a move toward the $60,000 support zone.

Overall, Bitcoin is just shy of a new all-time high. BTC might consolidate above $68,000 for some time before the bulls aim for a push above $73,500.