Bitcoin Price Faces Uphill Task But Indicators Signal More Upsides

Bitcoin price is consolidating gains above the $69,000 support zone. BTC must clear the $71,500 resistance zone to start a steady increase.

• Bitcoin price is still showing positive signs and facing resistance near $71,500.
• The price is trading above $69,000 and the 100 hourly Simple moving average.
• There is a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $71,500 resistance zone.

Bitcoin Price Holds Support

Bitcoin price remained in a positive zone above the $68,800 resistance zone. BTC climbed higher the $70,000 resistance zone, but the bears were active near the $71,500 level.

There were more than two attempts to clear the $71,500 level but the bulls failed. There was a downside correction, and the price tested the $68,400 support. A low was formed at $68,366 and the price is now starting a decent increase.

There was a move above the 23.6% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. Bitcoin is now trading above $69,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. The first major resistance could be $71,200.

Source: BTCUSD on TradingView.com

The main resistance is still near $71,500. If there is a clear move above the $71,500 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $72,500 resistance zone in the near term.

More Losses In BTC?

If Bitcoin fails to rise above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $69,200 level and the trend line.

The first major support is $68,400. The next support sits at $67,500. If there is a close below $67,500, the price could start a drop toward the $66,000 level. Any more losses might send the price toward the $66,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $68,400, followed by $67,000.

Major Resistance Levels – $70,000, $71,500, and $73,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source