Bitcoin Price Rejected Above $70K, Bulls Lose Grip | Crypto News
Bitcoin price began a respectable increase above the $68,800 zone. BTC is trimming features and would possibly revisit the $67,500 assist zone.
- Bitcoin gained tempo for a transfer above the $68,500 and $68,800 ranges.
- The price is trading above $68,000 and the 100 hourly simple shifting average.
- There is a bullish pattern line forming with assist at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair would possibly lengthen losses if it stays below the $69,250 and $69,500 ranges.
Bitcoin Price Trims Gains
Bitcoin price managed to climb greater above the $68,000 resistance zone. BTC gained tempo for a transfer above the $68,500 and $68,800 ranges.
The price even climbed above $70,000 but failed to stay in a constructive zone. A high was fashioned at $70,463, and the price began a draw back correction. There was a transfer below the 23.6% Fib retracement stage of the upward transfer from the $65,688 swing low to the $70,463 high.
Bitcoin is now trading above $68,000 and the 100 hourly simple shifting average. There is also a bullish pattern line forming with assist at $67,500 on the hourly chart of the BTC/USD pair.
If the price stays secure above $67,500, it may attempt a contemporary increase. Immediate resistance is close to the $69,350 stage. The first key resistance is close to the $69,800 stage. A close above the $69,800 resistance would possibly ship the price additional greater. In the said case, the price may rise and check the $70,500 resistance. Any more features would possibly ship the price toward the $71,500 stage. The next barrier for the bulls might be $72,000.
More Losses In BTC?
If Bitcoin fails to rise above the $69,350 resistance zone, it may start another decline. Immediate assist is close to the $68,000 stage. The first major assist is close to the $67,800 stage.
The next assist is now close to the $67,500 zone or the 61.8% Fib retracement stage of the upward transfer from the $65,688 swing low to the $70,463 high. Any more losses would possibly ship the price toward the $66,800 assist in the close to time period. The main assist now sits at $65,500, below which BTC would possibly battle to get well in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 stage.
Major Support Levels – $68,000, adopted by $67,500.
Major Resistance Levels – $69,350 and $70,500.
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