The price of Bitcoin remains stable above the $69,200 mark. If Bitcoin manages to break through the resistance at $70,800 and $71,250, it could lead to a strong bullish trend.
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Bitcoin is attempting another increase above the $70,000 zone.
The price is trading above $70,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $71,250 resistance zone.
Bitcoin Price Eyes Another Increase
The price of Bitcoin made an effort to climb higher than the $70,500 mark. Yet, it faced challenges in advancing beyond the resistance levels at $71,200 and $71,400.
At a price of $71,250, a peak was reached and then there was a decrease in value. The cost fell below the $70,500 mark. Additionally, the price declined below the 23.6% Fibonacci retracement level during the upward trend from the prior swing low at $67,500 to the peak at $71,250.
Instead of “However, the bulls are active above the $69,200 level. It is close to the 50% Fibonacci retracement level of the price rise from the $67,500 swing low to the $71,250 peak,” you could also say:
Bitcoin currently trades higher than $70,000 and its 100-hour moving average. The next resistance lies around $70,800. Additionally, a bearish trend line is emerging with a resistance at $70,800 on the hourly chart for Bitcoin vs US Dollar pair.
$71,250 is where the first significant obstacle for Bitcoin’s price could lie. Currently, the next hurdle is at $71,400. If Bitcoin manages to surpass this level, it may continue climbing, potentially reaching $72,600. In this scenario, the upcoming resistance is close to $73,500. Should Bitcoin overcome this obstacle, it could head towards the $75,000 resistance area in the near future.
Another Decline In BTC?
If Bitcoin doesn’t manage to break past the $71,250 barrier, there’s a risk of another price drop. The closest support lies around $70,400 and the 100-hour Simple Moving Average (SMA) as well.
If the price reaches $69,350 for the first significant resistance, a dip below this point may initiate a downward trend towards $68,500. Further declines could potentially push the price towards the nearby support of $67,500.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $70,400, followed by $69,350.
Major Resistance Levels – $70,800, $71,250, and $72,600.
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2024-04-12 06:22