Bitcoin Price Update
Bitcoin has kicked off a recovery, trading above $69,200, and is currently positioned over $70,000, possibly eyeing a rise past $71,650.
- It managed to find a solid recovery path above both $69,500 and $70,000.
- Right now, it’s trading above $70,000 and has surpassed the 100-hour simple moving average.
- A bullish flag pattern is appearing on the hourly chart of the BTC/USD pair, with resistance at around $70,700.
- However, if it dips below the $71,200 and $71,650 levels, we could see a downward trend.
Bitcoin’s price has recovered from a pivot at $68,800, breaking through resistance levels of $69,200 and $69,500. The bulls managed to elevate the price above the 38.2% Fibonacci retracement level, recovering from a previous drop from a high of $75,997 to a low of $67,343. After climbing over $71,200, there was some resistance as sellers came in around $71,650.
At this moment, Bitcoin is trading above $70,000 and its 100-hour simple moving average. If it can keep above $69,500, it might be poised for another surge. The immediate resistance sits at $70,700, and that bullish flag pattern is leaning towards that threshold on the hourly BTC/USD chart.
Currently, the main resistance to watch is near the $71,650 level, which coincides with the 50% Fibonacci retracement of the drop from the swing high of $75,997 to $67,343. If Bitcoin closes above this level, we could see it push further. Potential targets include $72,500, with additional resistance at $73,200. For the bulls, the next hurdle might be around $73,500.
Possible Downturn for BTC?
If Bitcoin struggles to surpass the resistance around $71,650, we might be in for a decline. Immediate support is hovering around the $70,000 mark. The first significant support can be found near $69,500, followed by more support at about $69,000. If things worsen, the price could head toward the $68,200 support level in the near future. The major support lies at $67,500, where Bitcoin may find it challenging to regain momentum.
Technical Indicators:
- Hourly MACD – Currently losing momentum within the bullish range.
- Hourly RSI (Relative Strength Index) – Stays above the 50 mark.
- Major support level – $69,500, followed closely by $69,000.
- Key resistance levels – Aiming for $70,700 and $71,650.
