Bitcoin settled above the $70,000 resistance zone on the first day of April. BTC is likely to remain in a range for some time before the bulls attempt a move towards $75,000
Bitcoin settled above the $70,000 resistance zone on the first day of April. BTC is likely to remain in a range for some time before the bulls attempt a move towards $75,000.
Resistance and Support
Bitcoin price has been struggling to clear the $71,500 resistance zone. Price is trading above $70,500 and the 100 hourly simple moving average.
A short-term ascending channel has formed on the hourly chart of the BTC/USD pair, with support near $70,750.
If the pair breaks the $71,500 resistance zone, it could start a fresh rally soon. In the mentioned case, the price might even clear the $72,500 resistance zone in the near term. The next major resistance is near the $73,500 zone.
BTC Correction Lower Again?
If bitcoin fails to clear the $71,500 resistance zone, it could start a fresh decline. On the downside, immediate support is near the $70,750 level and the channel trend line.
The first major support is near $70,200, along with the 50% Fib retracement level of the upward move from the $69,128 swing low to $71,306 high. The next support is at $70,000. A close below $70,000 could trigger a decline towards the $69,120 level. Any further losses could push the price towards the $68,500 support zone in the near term.
Technical Indicators:
- Hourly MACD The MACD is currently losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently above the 50 level.
Key Support and Resistance Levels
- Key Support: $70,750, followed by $70,200
- Key Resistance: $71,500, $73,500
Bitcoin price is currently consolidating inside a range, waiting for a clear direction. A break above $71,500 could result in an upside move, while a break below $70,750 could lead to a decline. Traders should keep an eye on key support and resistance levels to gauge the future price action.
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