The Current State of Bitcoin Price Movement

The Current State of Bitcoin Price Movement

Bitcoin price is currently facing challenges in clearing the $70,000 resistance level. Despite multiple attempts to surpass this hurdle, BTC seems to be slowly moving lower and might be heading towards the $67,000 support level.

Key Technical Indicators

On the hourly chart of the BTC/USD pair, there is a key bullish trend line forming with support at $68,000. This trend line is significant as it aligns with the 100 hourly Simple Moving Average, indicating a critical support level for Bitcoin’s price movement.

Bitcoin recently made an attempt to break above the $69,000 level, clearing the $69,500 resistance zone in the process. However, the bears remained active near the $70,000 resistance zone, resulting in a downside correction. The immediate resistance levels to watch out for are $68,850, $69,200, and $69,500. If Bitcoin manages to surpass these levels, it could potentially target the $72,000 level.

In case Bitcoin fails to rise above the $68,850 resistance zone, a downside movement could be expected. The immediate support levels to monitor are $68,000 and the key bullish trend line at $68,000. A break below $67,000 could lead to a decent pullback towards the $65,500 level, with further losses potentially taking the price to the $64,400 support zone.

The hourly MACD is currently gaining pace in the bearish zone, signaling potential downside pressure on Bitcoin’s price. Additionally, the hourly RSI for BTC/USD is now below the 50 level, further indicating a bearish sentiment in the market.

It is essential to note that the information provided in this article is for educational purposes only and does not necessarily reflect the opinions of NewsBTC. Investing in cryptocurrency carries inherent risks, and it is advised to conduct thorough research before making any investment decisions. Users are encouraged to use the information provided on this website at their own risk.

Analysis

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