Bitcoin Bulls Eyeing $71,250 Resistance
As a crypto enthusiast, you may have noticed that Bitcoin is once again attempting to break above the $70,000 mark. The leading cryptocurrency is currently trading above $70,000 and the 100 hourly Simple Moving Average, indicating bullish momentum. However, there is a connecting bearish trend line with resistance at $70,800 on the hourly chart of the BTC/USD pair sourced from Kraken exchange.
- If Bitcoin manages to clear the $71,250 resistance zone, it could gain significant bullish momentum.
Bitcoin Price Struggles Near $71,250
Bitcoin made an attempt to surge above the $70,500 level, but faced resistance near $71,200 and $71,400. The price reached a high of $71,250 before experiencing a downward correction. This correction led to a dip below $70,500, breaching the 23.6% Fibonacci retracement level of the upward swing from $67,500 to $71,250.
- Despite the correction, the bulls are active near the $69,200 support level, aiming to hold the line against further downsides.
- The price is currently above $70,000 and the 100 hourly SMA, with immediate resistance near $70,800.
- There is also a bearish trend line forming with resistance at $70,800 on the hourly chart.
Potential Upside Targets for Bitcoin
The primary resistance levels for Bitcoin’s upward move are at $71,250 and $71,400. If the cryptocurrency breaks above $71,400, it could continue its upward trajectory. A clear move above this level may push Bitcoin towards $72,600, with further resistance at $73,500. Ultimately, breaching the $75,000 mark could be a realistic short-term target for Bitcoin bulls.
Are Bears Looming Below $71,250?
If Bitcoin fails to surpass the $71,250 resistance, it might face another downward trend. The immediate support levels are near $70,400 and the 100 hourly SMA, followed by a major support at $69,350. A break below $69,350 could lead to a drop towards $68,500, threatening a move towards the $67,500 support zone.
- The Hourly MACD is showing bullish momentum, indicating a potential uptrend.
- The Hourly RSI for BTC/USD is above the 50 level, suggesting a positive outlook for Bitcoin’s price action.
- Key support levels to watch include $70,400 and $69,350, while important resistance levels are at $70,800, $71,250, and $72,600.
Hot Take: Bitcoin’s Battle at $71,250
Dear crypto enthusiasts, Bitcoin is currently facing a crucial battle near the $71,250 resistance level. The outcome of this struggle will determine whether the cryptocurrency continues its ascent above key resistance levels or experiences a pullback towards major support zones. Keep a close eye on the price action as Bitcoin navigates through these critical levels in the coming sessions. Happy trading!
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