Bitcoin Faces Correction as Price Struggles to Maintain Momentum
Bitcoin recently faced resistance near $71,650, causing a downside correction in its price. Despite trading above $70,000 and the 100 hourly Simple Moving Average, BTC could be at risk of further declines if it fails to hold above key support levels.
Key Price Movements
The price of Bitcoin surged above $70,000, reaching levels above $71,500 before facing selling pressure. As a result, the price started a correction, dipping below the $70,650 support level and a key bullish trend line on the hourly chart of the BTC/USD pair.
- Bitcoin struggled to maintain momentum above $71,500 and began a downside correction.
- The price is currently trading above $70,000 and the 100 hourly Simple Moving Average.
- A break below the $70,000 level could lead to further downside pressure.
Potential Price Scenarios
Bitcoin’s price action suggests a possible continuation of the correction, with key support and resistance levels to watch.
- If Bitcoin fails to surpass the $71,200 resistance, it may continue its downward trajectory.
- Immediate support is seen around $70,200, followed by a crucial level at $70,000.
- Further losses could push the price towards $69,500 or the 50% Fib retracement level.
Technical Indicators
Assessing the technical indicators can provide insights into Bitcoin’s potential price movements:
- Hourly MACD: The MACD is showing signs of slowing bullish momentum.
- Hourly RSI: The RSI for BTC/USD is currently below the 50 level, indicating a potential bearish sentiment.
Key Price Levels to Watch
For traders and investors monitoring Bitcoin’s price movements, key support and resistance levels include:
- Major Support Levels: $70,200, $70,000
- Major Resistance Levels: $71,200, $71,650
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