The Bitcoin price has been consolidating over the $70,000 zone of resistance. BTC may remain within a narrow range until the bulls make a push towards $75,000
- Bitcoin is currently struggling to move above $71,500, the resistance level.
- The 100 hourly simple moving average and price are above 70,500 dollars.
- On the BTC/USD hourly chart, there is a rising channel with support of $70.750 (data from Kraken).
- It is possible that the pair will soon begin a new rally, if they clear $71,500.
Bitcoin Price Stays in Range
The Bitcoin price has formed a strong base over the resistance level of $69,000. BTC has risen higher. $70,000 resistance zone to move again into a positive zone.
Bears are active under the $71,500 level. Recent highs were formed around $71,306; the price has now been consolidating gains. Trading near the level of 23.6% Fib retracement for the upward movement from the $69 128 swing low up to the $71,306 peak.
Bitcoin has now reached a price of $70,500. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is also an ascending channel that forms with support of $70.750.
Source: BTCUSD on TradingView.com
The immediate resistance level is around $71,300. First major resistance may be at $71,500. Price could increase if the resistance level of $71,500 is clearly moved above. The price may even break through the $72,500 barrier in the short term. The price of the car could be as high as $72,500 in the short term. next Major resistance near $73,500 is the zone.
One more drop in BTC?
Bitcoin could begin a new decline if it fails to break through the resistance level of $71,200. The $70,750 and channel trendline are the immediate support levels on the downside.
First, the major support at $70,200 is the Fib 50% retracement of the move up from the swing low $69 128 to the high $71,306. The next The support is $70,000. A close below $70,000 could trigger a price drop towards the level of $69120. If the price continues to drop, it could soon reach the support level of $68,500.
The following are 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 50 level.
Major Support Levels – $70,750, followed by $70,200.
Major Resistance Levels – $71,200, $71,500, and $73,500.
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