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 Bitcoinโs 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 Bitcoinโs 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: Bitcoinโs 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!
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.