Key Takeaways:
- Bitcoin price is struggling to continue higher above the $73,500 resistance.
- BTC/USD is holding gains above a parabolic curve with support at $60,000 on the weekly chart.
- The price must stay above $60,000 to start a fresh increase in the coming weeks.
NEW DELHI (CoinChapter.com) — Bitcoin price shows a few bearish signs from $73,500. However, BTC/USD still holds the key uptrend support at $60,000.
Bitcoin Price Starts Consolidation
After setting a new all-time high at $73,666, Bitcoin price started a consolidation phase. There was a decent pullback below the $70,000 and $68,000 levels. The price even spiked below the $62,500 support zone.
The last 4 weekly candles suggest that BTC is consolidating gains. It is also holding gains above a parabolic curve with support at $60,000 on the weekly chart and is well above the 50-week simple moving average (blue).
The current price action indicates that Bitcoin price might decline 5%-10% in the coming sessions. Immediate support is seen near the $64,000 level.
The first major support is near the $62,500 level. The main uptrend support is now forming near the parabolic curve at $60,000. It is close to the 23.6% Fib retracement level of the upward move from the $15,487 swing low to the $73,666 high.
A downside break and a weekly close below the parabolic curve might spark a strong decline. In the stated case, BTC might correct lower toward the $52,000 support zone.
The next major support could be $45,000 or the 50% Fib retracement level of the upward move from the $15,487 swing low to the $73,666 high, below which the bears might push the price toward the 50-week simple moving average (blue) at $37,500.
Fresh Increase In BTC?
Conversely, Bitcoin price might stay above the $60,000 support and start another increase. On the upside, BTC is facing resistance near the $68,500 level.
The first major resistance is near the $69,200 and $70,000 levels. A close above the $70,000 resistance could set the tone for a move above the $71,500 level. In the stated case, the bulls could aim for a new all-time high above $73,500. The next stop for them might be $75,000.
Overall, Bitcoin is showing signs of consolidation below the $71,500 and $70,000 levels. The price might start a fresh increase unless there is a weekly close below the $60,000 support zone.
