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Bitcoin pulls back again: Is it a short-term setback or a good buying opportunity?
Bitcoin price started a downside correction from the resistance zone of 71,650. Currently, BTC is in a consolidation phase and may correct towards the support level of 69,500.
Market dynamics
Bitcoin started a downside correction after struggling above 71,500. Although it broke through the 70,500 and 71,200 levels and entered a more positive zone, the bearish forces became active around 71,650.
The price climbed to a high of 71,682 and then started a downside correction. This correction not only broke the support at 23.670,650 of the rising wave from the low of 67,285 to the high of 71,682.
Currently, Bitcoin is testing the $70,200 support zone but remains above the $70,000 and 100 hourly simple moving average. On the upside, the price is facing resistance at the $70,800 level.
Key Resistance and Support
The first major resistance level could be $71,200. The next key resistance level is $71,650. A clear break above the $71,650 resistance could push the price higher to test the $72,000 resistance level.
Downside Risks
However, if Bitcoin fails to climb above the $71,200 resistance zone, it could continue to decline. The immediate support below is at the $70,200 level.
The first major support level is $70,000. Next, support is forming near $69,500, which is the 50% Fibonacci retracement level of the upward swing from the $67,285 low to $71,682 high. If the losses extend further, the price could slide towards the $68,500 support zone in the near term.
