👉👉👉 #Bitcoinprice Faces Uphill Task But Indicators Signal More Upsides
Bitcoin's price is currently consolidating its gains above the crucial $69,000 support level, with its upward momentum facing a significant obstacle near the $71,500 resistance zone.
Despite encountering resistance near $71,500, Bitcoin is exhibiting positive signs and remains above the $69,000 mark, supported by the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a major bullish trend line is taking shape, providing support at approximately $69,120.
Following multiple attempts to breach the $71,500 resistance, Bitcoin experienced a downside correction, dipping to the $68,400 support level. However, a rebound ensued, with the price climbing above the 23.6% Fib retracement level of the recent downward move from the swing high of $71,746 to the swing low of $68,366.
Bitcoin's current trading position above $69,000 and its 100-hourly Simple Moving Average signal ongoing strength in its bullish trend. Immediate resistance lies near the $70,000 level, followed by the 50% Fib retracement level around $71,200.
The primary obstacle remains at $71,500, and a clear breakthrough above this resistance zone could pave the way for further upward momentum, potentially pushing Bitcoin towards the $72,500 resistance level in the near term.
However, if Bitcoin fails to surpass the $71,200 resistance, it may initiate another downward movement. Initial support is anticipated around $69,200 & the trend line, with the $68,400 level serving as crucial support. Further support levels include $67,500 and, in the event of a significant decline, the $66,000 support zone.
Bitcoin's price shows a slight loss in bearish momentum per the hourly MACD, while the hourly RSI remains above 50. It's currently testing crucial support and resistance levels, with a breakthrough above $71,500 indicating potential #bullish momentum, while failure could prompt further downside pressure toward lower support levels.
Source - newsbtc.com
