Bitcoin’s price is currently consolidating above the $70,000 resistance level, indicating that a range-bound market may persist for a while before bullish momentum pushes it toward $75,000.
Despite struggling to gain traction above the $71,500 resistance zone, Bitcoin remains above $70,500 and the 100 hourly Simple Moving Average, suggesting some level of support. Additionally, a short-term rising channel with support at $70,750 has formed on the BTC/USD hourly chart.
Having formed a base above the $69,000 resistance zone, Bitcoin managed to surpass $70,000 and enter a positive zone. However, the bears pushed back near the $71,500 resistance, resulting in the price consolidating its gains. Currently, Bitcoin is trading above $70,500 and the 100 hourly SMA.
The immediate resistance lies around $71,300, with $71,500 representing the primary hurdle. If the price manages a clear breakthrough above this resistance, a strong upward movement could follow. In such a scenario, Bitcoin could potentially surpass the $72,500 level and target the $73,500 resistance zone.
However, failure to breach the $71,200 resistance zone could trigger a decline. In that case, immediate support can be found around $70,750 and the channel trend line. The first major support level sits at $70,200, accompanied by the 50% Fibonacci retracement level of the upward move from the $69,128 swing low to the $71,306 high. Should the price close below $70,000, it could drop further toward the $69,120 level, with a possible extended decline toward the $68,500 support zone.
Technical indicators indicate that the MACD is losing momentum in the bullish zone, while the RSI for BTC/USD is above the 50 level.
Please note that this article is for educational purposes only and does not reflect the opinions of NewsBTC on investment decisions. It is advisable to conduct personal research before making any investment choices and to assume all risks associated with investing.