Bitcoin Price Consolidates Above $70K, Can Bulls Pump BTC To $75K?

The price of Bitcoin is holding steady above the $70,000 mark, which previously acted as a resistance level. It’s possible that Bitcoin will continue trading within this range for a while before the bulls make another push towards $75,000.

    Bitcoin price is struggling to gain pace above the $71,500 resistance zone.
    The price is trading above $70,500 and the 100 hourly Simple moving average.
    There is a short-term rising channel forming with support at $70,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could soon start a fresh rally if it clears the $71,500 resistance zone.

Bitcoin Price Remains In Range

The price of Bitcoin established a foundation above the $69,000 barrier, allowing it to advance beyond the $70,000 threshold and regain an upward trend.

The cost surpassed $71,000 and reached new heights, but sellers were persistent beneath the $71,500 mark of resistance. The peak was achieved around $71,306, and the value is currently taking a pause in its advancement. It hovers close to the 23.6% Fibonacci retracement point of the bullish trend that started at $69,128 and peaked at $71,306.

The price of Bitcoin currently hovers around $70,500 and surpasses its 100-hour moving average. Additionally, there’s a developing upward trendline on the hourly chart for the BTC/USD pair, with a support level at $70,750.

Bitcoin Price Consolidates Above $70K, Can Bulls Pump BTC To $75K?

Immediate resistance is near the $71,300 level. The first major resistance could be $71,500. If there is a clear move above the $71,500 resistance zone, the price could start a strong increase. In the stated case, the price could even clear the $72,500 resistance zone in the near term. The next major resistance is near the $73,500 zone.

Another Drop In BTC?

If Bitcoin doesn’t manage to break past the $71,200 barrier, there’s a risk it might dip once more. The closest support lies around the $70,750 mark, along with the trendline of the channel.

The initial significant support lies at $70,200, which is also the 50% Fibonacci retracement point of the price surge from $69,128 to $71,306. Following this, the next line of defense can be found at $70,000. Should the price close below this mark, it could initiate a downward trend back towards the $69,120 level. Further declines may push the price downwards towards the $68,500 support area in the short term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $70,750, followed by $70,200.

Major Resistance Levels – $71,200, $71,500, and $73,500.

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2024-04-01 06:04