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Bitcoin Price Upside Capped Again, $70K Proves Tough Ceiling

Bitcoin worth began an honest enhance above $68,000 however failed at $70,000. BTC is now consolidating and would possibly goal for extra positive factors above $69,200.

  • Bitcoin began a recent enhance after it settled above the $67,500 assist.
  • The worth is buying and selling above $68,000 and the 100 hourly easy transferring common.
  • There was a break above a bearish pattern line with resistance at $66,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly dip once more if it trades under the $67,400 and $67,000 ranges.

Bitcoin Price Fails At $70,000

Bitcoin worth managed to kind a base above the $65,500 zone. BTC began a fresh increase and was capable of surpass the $66,500 resistance zone.

The worth even rallied above the $68,000 resistance. Besides, there was a break above a bearish pattern line with resistance at $66,800 on the hourly chart of the BTC/USD pair. Finally, the bears appeared close to $70,000. A high was shaped at $70,100, and the value lately corrected some positive factors. There was a transfer under the 23.6% Fib retracement stage of the upward transfer from the $63,030 swing low to the $70,100 high.

Bitcoin is now buying and selling above $68,000 and the 100 hourly simple moving average. If the value stays steady above $67,500, it might try a recent enhance. Immediate resistance is close to the $69,200 stage.

The first key resistance is close to the $69,500 stage. A detailed above the $69,500 resistance would possibly ship the value additional increased. In the said case, the value might rise and take a look at the $70,000 resistance. Any extra positive factors would possibly ship the value towards the $70,500 stage. The subsequent barrier for the bulls may very well be $70,850 and $71,200.

Downside Continuation In BTC?

If Bitcoin fails to rise above the $70,000 resistance zone, it might begin one other decline. Immediate assist is close to the $68,000 stage. The first main assist is close to the $67,500 stage or the 50% Fib retracement stage of the upward transfer from the $63,030 swing low to the $70,100 high.

The subsequent assist is now close to the $65,650 zone. Any extra losses would possibly ship the value towards the $65,000 assist within the close to time period. The principal assist now sits at $64,200, under which BTC would possibly wrestle to get well within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

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

Major Support Levels – $68,000, adopted by $67,500.

Major Resistance Levels – $69,200 and $70,000.

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