Bitcoin price is currently consolidating above the $69,000 support level, displaying positive signals for further growth. For BTC to initiate a sustained upward momentum, it must surpass the $71,500 resistance barrier.
Key Points:
– Bitcoin price is encountering resistance around the $71,500 mark.
– The price is trading above $69,000 and the 100-hourly Simple Moving Average.
– A significant bullish trend line is taking shape with support at $69,120 on the hourly BTC/USD chart sourced from Kraken.
– The potential for a new uptrend exists if the price successfully clears the $71,500 resistance.
Bitcoin Price Analysis:
Despite facing resistance near $71,500, Bitcoin maintained its positive trajectory above the $68,800 support region. Although attempts were made to breach the $71,500 level, the bears intervened, leading to a corrective pullback towards the $68,400 support. Subsequently, a low was established at $68,366 as the price now embarks on a gradual ascent.
Technical Outlook:
The current upside movement broke the 23.6% Fib retracement level from the recent swing high of $71,746 to the low of $68,366. Bitcoin is currently trading above $69,000 and the 100-hourly SMA, with a robust bullish trend line forming at $69,120 on the BTC/USD chart.
Price Predictions:
Immediate hurdles are at the $70,000 level and the 50% Fib retracement level, while the primary resistance lies at $71,200. The pivotal resistance at $71,500 will be crucial, as a breakout could propel the price towards the $72,500 zone.
Potential Downside Risks:
Failure to surpass the $71,200 resistance may result in a downside scenario. Initial support is at $69,200, followed by the trend line, with major support levels at $68,400 and $67,500. A breach below $67,500 could trigger a decline towards $66,000.
Technical Indicators:
Hourly MACD indicates a weakening bearish momentum, while the RSI for BTC/USD is above the 50 level. Key support and resistance levels are $68,400, $67,000, $70,000, $71,500, and $73,500, respectively.
Disclaimer:
This article serves educational purposes and does not reflect NewsBTC’s investment advice. Investors are urged to conduct thorough research before making decisions. All information provided carries inherent risks, and users are advised to exercise caution.
