🔥🔥🔥 #Bitcoinprice Consolidates Above $70K As Bulls Prepare For More Gains
Bitcoin's price is consolidating its gains above the crucial $70,000 resistance zone, indicating the potential for further #bullish momentum if it manages to surpass the $71,500 resistance level in the near future.
After moving into a positive zone above $66,500, Bitcoin continued its upward trajectory, breaching key resistance levels at $69,500 and $70,000. The price eventually tested the $71,500 resistance zone, establishing a new weekly high near $71,557 before entering a phase of consolidation.
Although there was a minor pullback below the 23.6% Fibonacci retracement level of the recent upward swing from the $66,811 swing low to the $71,557 high, Bitcoin remained well-supported above the $69,000 level.
Presently, Bitcoin is trading comfortably above $70,000 and the 100 hourly Simple Moving Average, further reinforcing its positive sentiment. Additionally, a significant bullish trend line is taking shape, with support around $68,500 on the hourly chart of the BTC/USD pair. This trend line coincides closely with the 61.8% Fibonacci retracement level of the aforementioned upward move.
In terms of resistance, the immediate hurdle lies near the $70,800 level, followed by the crucial $71,500 resistance zone. A clear breakthrough above this zone could pave the way for further upside potential, with potential targets including $72,500 and $73,500.
If Bitcoin struggles to surpass the $71,500 resistance, a downside correction is possible. Initial support levels are at $70,000, $69,000, and $68,500, with a breach below triggering further declines towards $67,000 and $66,000.
Analyzing the technical indicators, the hourly MACD for BTC/USD is showing signs of losing momentum in the bullish zone, while the hourly RSI is currently above the 50 level, indicating a positive sentiment among traders.
- Key Support Levels: $68,500, $67,000
- Key Resistance Levels: $70,500, $71,500, $73,500
Source - newsbtc.com
