Bitcoin price has been above the support zone of $68,500. BTC is now consolidating and may seek another rise above the resistance level of $70,150.
Bitcoin found support at around 68,500 and started a wave of strong recovery.
The price is trading below the below 70,000 level and the 100-hour simple moving average.
On the hourly chart of the BTC/USD pair (data from Kraken), a major bullish trend line has formed, supported by the key 69,500.
If there is no move above the pair's resistance at 70.150, the pair could fall again.
#TopCoinsJune2024 price continued to fall below the $70,000 support zone. #TopCoinsJune2024 was below the 69,500 level before the bulls were near the 68,500 mark. A low was formed at 668,409 and now the price is about to start a wave of recovery.
Resistance 69, there was a move above the 250 resistance zone. The price moved above the 23.6% Fibonacci retracement level in a downward move from a high of 71,900 to a low of 68,409.
Bitcoin is currently trading below the $70,000 mark and the 100-hour simple moving average. However, a major bullish trend line has formed on the hourly chart of the BTC/USD pair, supported by the key value of 69,500. Meanwhile, the price is facing resistance near the 70,000 resistance level.
The first major resistance could be a downside move from the high of 70,150 to the low of 50,71,900, with the high and low marking 68,409 at the Fibonacci retracement level. The next major resistance could be at the 770,550 level. A clear overcoming of the resistance at the 70,550 level could lead the price to rise. In this case, the price will rise and you can test the resistance at the $71,200 level. Further growth could take BTC to the $72,000 level.
Another fall in BTC?
If bitcoin doesn't rise above the 70,150 resistance zone, another fall could begin. The closest support on the downside is near the 69,500 level and the trendline.
The first major support is at 69,150. The next support will be formed around the 68,500 level.
Technical Indicators:
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