🔥🔥🔥 #bitcoin Price Losing Steam: Market Momentum Slows Amid Trading Hesitation
Bitcoin's price is struggling to maintain momentum above the $70,000 mark and is currently facing resistance around the $69,500 level. Despite trading above $69,500 and the 100-hourly Simple Moving Average, $BTC is encountering hurdles in its upward movement.
After finding support above $66,000, Bitcoin experienced another upward surge, clearing the $68,000 resistance zone. However, it faced resistance near $69,500 and $70,000 levels, leading to a correction in its gains.
Currently, Bitcoin is trading above $69,500 and the 100-hourly Simple Moving Average, with bulls active near the 50% Fibonacci retracement level. However, resistance lies near the $69,000 level, with a key bearish trend line forming around $69,100 on the hourly chart of the BTC/USD pair.
In case of a fresh uptick, resistance is expected around $69,500, followed by the crucial $70,000 level. A clear breakthrough above $70,000 could propel the price towards $71,200, and further gains might target the $72,000 resistance.
On the downside, immediate support is at $68,000, followed by major support levels at $67,500 and $67,000. Further losses could see Bitcoin testing the $65,500 support zone in the near term.
Technical indicators indicate a loss of momentum in the bearish zone, with the hourly Relative Strength Index (RSI) below the 50 level.
Source - newsbtc.com
