Home CryptocurrencyAnalysis Bitcoin Price Faces an Uphill Task, but Indicators Point to More Upside

Bitcoin Price Faces an Uphill Task, but Indicators Point to More Upside

by SuperiorInvest

Bitcoin price is consolidating gains above the $69,000 support zone. BTC must overcome the $71,500 resistance zone to start a steady rise.

  • 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 rise if it breaks the $71,500 resistance zone.

Bitcoin price maintains support

Bitcoin price remained in a positive zone above the $68,800 resistance zone. BTC rose beyond the $70,000 resistance zone, but bears were active near the $71,500 level.

There were more than two attempts to break through the $71,500 level, but the bulls failed. There was a downward correction and the price tested the support of $68,400. A low was formed at $68,366 and the price is now starting a decent rise.

There was a move above the 23.6% Fibonacci retracement level of the downside move from the high of $71,746 to the low of $68,366. Bitcoin is now trading above $69,000 and the simple moving average of 100 hours. There is also a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair.

The immediate resistance is near the $70,000 level or the 50% Fibonacci retracement level of the downward move from the high of $71,746 to the low of $68,366. The first major resistance could be $71,200.

Source: BTCUSD on TradingView.com

The main resistance is still near $71,500. If there is a clear move above the $71,500 resistance zone, the price could continue to gain strength. In the indicated case, the price could even surpass the $72,500 resistance zone in the short term.

More losses in BTC?

If Bitcoin fails to break above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $69,200 level and the trend line.

The first major support is $68,400. The next support is located at $67,500. If there is a close below $67,500, the price could start a decline towards the $66,000 level. Any further losses could send the price towards the $66,000 support zone in the near term.

Technical indicators:

MACD Hourly: 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.

Main support levels: $68,400, followed by $67,000.

Main resistance levels: $70,000, $71,500 and $73,500.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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