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Bitcoin Price Hits Barriers, Can Bulls Overcome Key Resistance Levels?

Bitcoin worth began a restoration wave above $70,000. BTC is now consolidating above $70,200 and would possibly goal for a gentle improve if it clears $71,650.

  • Bitcoin began a good restoration wave above $69,800 and $70,200.
  • The worth is buying and selling above $70,200 and the 100 hourly easy shifting common.
  • There is a bullish development line forming with assist at $70,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly begin one other decline if it stays under the $71,000 and $71,650 ranges.

Bitcoin Price Faces Hurdles

Bitcoin worth began a recovery wave above the $69,5500 resistance degree. BTC climbed above the $70,200 and $70,500 resistance ranges.

The worth even spiked above the 50% Fib retracement degree of the downward transfer from the $75,998 swing high to the $67,342 low. The worth even climbed towards the $72,000 zone earlier than the bears took a stand and guarded extra positive aspects.

Bitcoin is now buying and selling above $70,200 and the 100 hourly easy shifting common. There can be a bullish development line forming with assist at $70,400 on the hourly chart of the BTC/USD pair.

If the worth stays steady above $70,200, it may try a fresh increase. Immediate resistance is close to the $71,200 degree. The first key resistance is close to the $71,650 degree. An in depth above the $71,650 resistance would possibly ship the worth additional increased.

In the acknowledged case, the worth may rise and check the $72,650 resistance or the 61.8% Fib retracement degree of the downward transfer from the $75,998 swing high to the $67,342 low. Any extra positive aspects would possibly ship the worth towards the $73,200 degree. The subsequent barrier for the bulls may very well be $73,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,650 resistance zone, it may begin one other decline. Immediate assist is close to the $70,400 degree. The first main assist is close to the $70,000 degree.

The subsequent assist is now close to the $69,200 zone. Any extra losses would possibly ship the worth towards the $68,800 assist within the close to time period. The foremost assist now sits at $67,500, under which BTC would possibly battle to recuperate 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 under the 50 degree.

Major Support Levels – $70,000, adopted by $69,200.

Major Resistance Levels – $71,200 and $71,650.

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