Bitcoin Price Holds Steady Above Key Levels
Bitcoinโs price remains in a positive zone, staying above the crucial $66,500 mark. Currently trading above $70,000 and the 100 hourly Simple Moving Average (SMA), Bitcoin shows signs of strength. Additionally, a bullish trend line is forming with support at $67,500 on the hourly chart of the BTC/USD pair sourced from Kraken. If Bitcoin clears the $71,200 resistance zone, it may continue its upward momentum.
Bitcoin Price Rebound
Bitcoinโs price has shown stability above the $65,000 resistance area and has made significant moves above the $67,500 and $68,000 resistance levels. Bulls managed to push the price past $68,800 and $70,000 resistance levels, setting a new weekly high around $71,217. Currently, Bitcoin is consolidating its gains, hovering near the 23.6% Fibonacci retracement level of the recent upward swing.
- BTC price consolidates above $70,000 and the 100 hourly SMA.
- A bullish trend line with support at $67,500 is forming on the hourly chart.
Possible Downside Scenario
If Bitcoin fails to break above the $71,200 resistance level, a downside move might be on the horizon. The immediate support level is around $70,000, followed by major support at $69,000. Further support lies at $67,800 along with the trend line. A break below $67,800 could lead to a drop towards $66,800 and potentially even reach the $65,500 support zone.
Technical Indicators and Key Levels
As for the technical outlook:
- The MACD indicator is losing momentum in the bullish zone on the hourly chart.
- The RSI for BTC/USD is currently above the 60 level, indicating a bullish momentum.
- Major support levels to watch include $69,000 and $67,800.
- Key resistance levels stand at $70,500, $71,200, $73,500, and $75,000.
Hot Take: Stay Alert and Watch for Breakout
As Bitcoin hovers near key resistance levels, itโs crucial to keep a close eye on potential breakout points. The $71,200 resistance zone will be a critical level to monitor for further price movement, bearing in mind the significant support levels in case of a downside reversal. Technical indicators provide valuable insights, but staying informed and vigilant is key for navigating the current market scenario.
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