Bitcoin Consolidating Gains Above $70,000

Bitcoin has recently gained above the $70,000 resistance level and is currently trading above this level. The BTC/USD pair is trading in a positive zone above $66,500 and above the 100-hourly SMA. In the near term, breaking the $71,500 resistance is expected to push Bitcoin to higher levels. Rising Trend Continues Bitcoin is following a significant uptrend, especially from the $68,500 support. The price has surpassed the $68,800, $69,500, and $70,000 resistance levels, reaching a weekly high of $71,557. Bitcoin is currently above $70,000 and the immediate resistance level is at $70,800. If the price breaks the $71,500 resistance, the $72,500 and $73,500 targets come into play. Possible Scenarios It is suggested that a new downtrend could start if the $71,500 resistance level is not breached. Currently, the $70,000 level is an immediate support. Any drop below the previous major support of $69,000 should be monitored, with a close below […]

Bitcoin Consolidating Gains Above $70,000

Bitcoin has recently gained above the $70,000 resistance level and is currently trading above this level. The BTC/USD pair is trading in a positive zone above $66,500 and above the 100-hourly SMA. In the near term, breaking the $71,500 resistance is expected to push Bitcoin to higher levels.

Rising Trend Continues

Bitcoin is following a significant uptrend, especially from the $68,500 support. The price has surpassed the $68,800, $69,500, and $70,000 resistance levels, reaching a weekly high of $71,557. Bitcoin is currently above $70,000 and the immediate resistance level is at $70,800. If the price breaks the $71,500 resistance, the $72,500 and $73,500 targets come into play.

Possible Scenarios

It is suggested that a new downtrend could start if the $71,500 resistance level is not breached. Currently, the $70,000 level is an immediate support. Any drop below the previous major support of $69,000 should be monitored, with a close below this level potentially leading towards $67,000.

Technical indicators show that the hourly MACD is losing momentum in the bullish zone, but the hourly RSI is still above 50. Therefore, while the $68,500 and $67,000 support levels are critical, the $70,500, $71,500, and $73,500 resistance levels should be monitored for upward movements.

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