Please refer to the price analysis article #Bitcoin‬ today, March 28, to make appropriate decisions about this property!

Bitcoin price is consolidating gains above the $69,000 support zone. #BTC🔥🔥🔥🔥 must clear the $71,500 resistance area to begin a steady increase.

  • Bitcoin price is still showing positive signs and facing resistance near $71,500.

  • The price is trading above $69,000 and the 100 SMA.

  • There is a key bullish trend line forming with support at $69,120.

  • The pair could start another increase if it clears the $71,500 resistance area.

Bitcoin price holds support

Price #Bitcoin‬ remains in positive territory above the $68,800 resistance zone. BTC climbed above the $70,000 resistance zone, but the bears were active near the $71,500 level.

There have been more than two attempts to break above the $71,500 level but the bulls have failed. There was a downside correction and the price tested the $68,400 support level. A low was formed at $68,366 and the price is now starting to rise quite a bit.

There was a move above the 23.6% Fib retracement level of the downward move from $71,746 to $68,366. Bitcoin is currently trading above $69,000 and the 100 SMA. There is also a key uptrend line forming with support at $69,120.

Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from $71,746 to $68,366. The first major resistance level could be at $71,200.

The main resistance remains near $71,500. If there is a clear move above the $71,500 resistance area, the price could continue to gain strength. In the said case, the price could even clear the $72,500 resistance area in the near term.

Case of BTC price drop

If Bitcoin fails to rise above the $71,200 resistance area, it could initiate another decline. Immediate support on the downside is near the $69,200 level and the trendline.

The first major support is at $68,400. The next support lies at $67,500. If there is a close below $67,500, the price could start to decline towards $66,000. Any further losses could push the price towards the $66,000 support zone in the near term.

Technical indicators:

Hourly MACD – MACD is currently slowing down in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Key support levels – $68,400, followed by $67,000.

Key resistance levels – $70,000, $71,500 and $73,500.

According to NewsBTC$BTC

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