The Price of Bitcoin (BTC) Faces Resistance at $70,000
The price of Bitcoin (BTC) continues to rise, but it is encountering obstacles at the psychological price threshold of $70,000. On March 4, BTC reached a high of $68,577 before experiencing a correction. However, the correction was short-lived as buyers quickly stepped in and pushed the price back up. On March 5, BTC climbed to a high of $69,210, resulting in a significant setback. The price briefly fell to a low of $59,008 but quickly recovered. As of now, Bitcoin is valued at $66,267.
BTC has been trading below its recent high for the past 48 hours, suggesting that an uptrend is imminent. If the current resistance is broken, price predictions indicate that Bitcoin could rise to as high as $75,000. However, if the bears manage to push the price below the $59,000 support level, it is likely to fall.
Bitcoin Indicator Reading
On the 4-hour chart, BTC’s price bars have moved above the moving average lines as buyers stepped in during the dips. This indicates a potential rise in the BTC price. Additionally, on March 5, there was significant buying at the lower price level as indicated by the long candlestick tail.
Technical Indicators:
- Key resistance levels – $60,000 and $70,000
- Key support levels – $50,000 and $40,000
What’s Next for BTC/USD?
Bitcoin has recovered from its slide below the $59,000 support level and has risen to a high of $67,645. Currently, the price of BTC is hovering between $59,000 and $70,000. The cryptocurrency is expected to skyrocket once buyers successfully break above the current highs. In the meantime, Bitcoin is retesting the recent high and continuing its upward trend.
Hot Take: Bitcoin Faces Resistance at $70,000
The price of Bitcoin (BTC) is facing resistance at the psychological price threshold of $70,000. Although BTC has been experiencing a continuous rise, it has encountered obstacles in breaking through this level. However, there are indications that an uptrend is imminent and if the current resistance is broken, BTC could reach new highs. On the other hand, if the bears manage to push the price below the support level of $59,000, a fall in price is expected. Traders should closely monitor these key levels and technical indicators to make informed decisions about their BTC investments.
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