Bitcoin Price Consolidates Above $70,000 Resistance Zone, Preparing for Next MoveIntroductionOn April 1, the Bitcoin price surged above the $70,000 resistance zone, indicating a bullish sentiment among traders. However, BTC could consolidate within this range for a period before attempting a push towards $75,000
Bitcoin Price Consolidates Above $70,000 Resistance Zone, Preparing for Next Move
Introduction
On April 1, the Bitcoin price surged above the $70,000 resistance zone, indicating a bullish sentiment among traders. However, BTC could consolidate within this range for a period before attempting a push towards $75,000.
Technical Analysis
- Resistance Levels: $71,500, $71,200
- Support Levels: $70,750, $70,200, $70,000
Price Action
- Bitcoin price is facing resistance at the crucial $71,500 level.
- The price is currently trading above $70,750 and the 100-hour simple moving average.
- A short-term ascending channel has formed on the hourly chart of the BTC/USD pair, with support at $70,750.
Bullish Potential
- If the Bitcoin price can break above the $71,500 resistance zone, it could trigger a fresh wave of buying.
- A break above this level could lead to a rapid surge towards $72,500 and potentially $73,500.
Bearish Risks
- If the Bitcoin price fails to break above the $71,500 resistance zone, it could start to decline again.
- Immediate support on the downside is located near $70,750 and the ascending channel trendline.
- A break below the $70,000 support level could lead to further losses towards the $69,120 level.
Technical Indicators
- MACD: Currently in the bullish zone, but momentum is waning.
- RSI: Above the 50 level, indicating slightly more buying pressure than selling pressure.
Conclusion
The Bitcoin price is currently consolidating above the $70,000 resistance zone, preparing for its next move. A break above $71,500 could trigger a new bullish wave, targeting $72,500 and beyond. However, failure to break the resistance could lead to a pullback, with support at $70,750 and $70,000.
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