Bitcoin Price Approaches Break Zone, Upside Move Looks Likely

Bitcoin price started a recovery wave above $69,200. BTC is now back above $70,000 and might aim for a steady increase if it clears $71,650. Bitcoin started a decent recovery wave above $69,500 and $70,000. The price is trading above $70,000 and the 100 hourly simple moving average. There is a bullish flag pattern forming with resistance at $70,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another decline if it stays below the $71,200 and $71,650 levels. Bitcoin Price Faces Resistance Bitcoin price started a recovery wave above the $68,800 pivot level. BTC climbed above the $69,200 and $69,500 resistance levels. The bulls were able to push the price above the 38.2% Fib retracement level of the downward move from the $75,997 swing high to the $67,343 low. The price even climbed above $71,200 before the bears appeared near the $71,650 level. Bitcoin is now trading above $70,000 and the 100 hourly simple moving average. If the price remains stab