Bitcoin Price Faces Resistance Despite Positive Signs

Bitcoin’s price is currently consolidating gains above the $69,000 support level, with indicators suggesting potential upward movement. However, breaking through the $71,500 resistance barrier is crucial for initiating a sustained rally.

As of now, Bitcoin is displaying resilience by maintaining levels above $69,000 and the 100 hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair sourced from Kraken, a significant bullish trend line is forming, providing support at $69,120.

Despite several attempts, Bitcoin has struggled to surpass the $71,500 resistance zone, encountering selling pressure near this level. Following a brief downside correction, the price found support around $68,400 and has since begun a gradual uptrend.

Notably, Bitcoin has surpassed the 23.6% Fibonacci retracement level of the recent downward move from $71,746 to $68,366, signaling bullish momentum. The immediate hurdles lie near $70,000 and $71,200, representing the 50% Fibonacci retracement level.

However, the primary obstacle remains at $71,500. A decisive breakthrough above this level could strengthen Bitcoin’s position, potentially targeting the $72,500 and $73,500 resistance levels in the short term.

Conversely, failure to breach the $71,200 resistance zone may prompt a downward correction. Initial support is anticipated around $69,200 and the trend line, followed by major support levels at $68,400 and $67,500. A breach below $67,500 could trigger further downside, possibly testing the $66,000 support zone.

Technical Indicators:

Hourly MACD: The MACD indicates a slowdown in bearish momentum.

Hourly RSI (Relative Strength Index): RSI for BTC/USD is currently above the 50 level, suggesting bullish sentiment.

In summary, while Bitcoin faces resistance near $BTC $ETH

#HotTrends #BullorBear #BitcoinTo80000 #bitcoin #btchalving2024