Bitcoin Price Faces Uphill Task But Indicators Signal More Upsides

The price of Bitcoin is holding its ground above the $69,000 mark, acting as a solid support. For Bitcoin to continue climbing, it needs to surpass the $71,500 resistance level.

    Bitcoin price is still showing positive signs and facing resistance near $71,500.
    The price is trading above $69,000 and the 100 hourly Simple moving average.
    There is a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could start another increase if it clears the $71,500 resistance zone.

Bitcoin Price Holds Support

The price of Bitcoin continued to thrive above the $68,800 mark, acting as a significant barrier. Bitcoin surged past the $70,000 threshold, yet faced opposition near $71,500 from bearish forces.

Several efforts were made to surpass the $71,500 mark, but each attempt failed. The market took a turn and declined, reaching a test of the $68,400 support. A new low was established at $68,366, and now, an uplift is occurring.

The price of Bitcoin surpassed the 23.6% Fibonacci retracement mark in its downtrend from the peak of $71,746 to the low of $68,366. Currently, Bitcoin is trading above $69,000 and lies above the 100-hour moving average. Additionally, a significant bullish trend line is emerging on the hourly chart of BTC/USD pair, offering support at $69,120.

Near the $70,000 mark or at the 50% mark of the price drop from the peak of $71,746 to the trough of $68,366, you may encounter initial resistance. The first significant barrier could be found at $71,200.

Bitcoin Price Faces Uphill Task But Indicators Signal More Upsides

The price is currently facing significant opposition around the $71,500 mark. Should the price break through this hurdle, it may pick up momentum and potentially surpass the next resistance at $72,500 as well in the not too distant future.

More Losses In BTC?

If Bitcoin doesn’t manage to break through the $71,200 mark of resistance, there’s a risk it may initiate another drop. The floor in this potential slide lies around $69,200, close to the trendline.

$68,400 is the initial significant line of defense. At $67,500, there’s another key support. Should the price fall below this mark, it could initiate a downward trend towards $66,000. Further declines might push the price in the short term towards the $66,000 support area.

Technical indicators:

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

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

Major Support Levels – $68,400, followed by $67,000.

Major Resistance Levels – $70,000, $71,500, and $73,500.

Read More

2024-03-28 08:10