#Bitcoinprice Consolidates Above $70K, Can Bulls Pump BTC To $75K?
Near-term resistance for Bitcoin is anticipated around the $71,300 level, with the primary barrier likely at $71,500. A decisive breakthrough above this level could trigger a robust upward movement, potentially leading the price to surpass the $72,500 resistance zone in the short term. Subsequently, the next significant resistance level looms near $73,500.
On the other hand, if Bitcoin fails to surpass the $71,200 resistance zone, it could undergo a corrective phase. Immediate support is expected around the $70,750 level, along with the channel trend line.
The first major support level is situated at $70,200, coinciding with the 50% Fibonacci retracement level of the recent upward swing from the $69,128 low to the $71,306 high. Further support awaits at the $70,000 mark. A close below this level may initiate a decline towards the $69,120 support level, with potential further losses leading the price towards the $68,500 support zone.
Technical indicators suggest a slowdown in #bullish momentum, with the hourly MACD indicating a loss of pace in the bullish zone. However, the hourly RSI for BTC/USD is currently above the 50 level, indicating a balanced market sentiment.
- Key support levels include $70,750 and $70,200,
- Resistance levels are seen at $71,200, $71,500, and $73,500.
Source - newsbtc.com