Bitcoin price is currently consolidating gains above the $69,000 support zone, showcasing positive signs for potential growth. The digital currency must successfully clear the $71,500 resistance zone in order to initiate a steady increase in value.
As Bitcoin continues to trade above $69,000 and the 100 hourly Simple Moving Average, a major bullish trend line is forming with support at $69,120 on the hourly chart of the BTC/USD pair. The recent attempted breakthrough of the $71,500 resistance zone was met with resistance from bears. However, a downside correction led to a test of the $68,400 support before beginning a decent increase.
Immediate resistance is observed near the $70,000 level, with the 50% Fib retracement level also acting as a potential barrier. The primary resistance remains at $71,500, and a clear move above this level could pave the way for continued strength and potentially surpassing the $72,500 resistance zone. On the flip side, failure to rise above the $71,200 resistance zone could signal another decline in price.
Immediate support on the downside can be found near the $69,200 level and the trend line, with major support at $68,400. The subsequent support level is situated at $67,500, and failure to maintain above this level could lead to a drop towards the $66,000 support zone in the near term.
Hourly MACD is currently losing pace in the bearish zone, indicating potential downward pressure on the price. On the other hand, the Hourly RSI for BTC/USD is presently above the 50 level, suggesting positive momentum in the short term.
While Bitcoin is poised for a potential increase in value, the resistance near $71,500 remains a critical level to watch. Traders and investors should carefully monitor the price movements and be prepared for both upward and downward scenarios. Conducting thorough research and analysis before making any investment decisions is highly recommended, as the cryptocurrency market is known for its volatility and risks. It is worth noting that investing in digital assets carries inherent risks and individuals should proceed with caution.
