The price of Bitcoin is consolidating above the $70,000 resistance zone on April 1, 2023. BTC is likely to spend some time inside the range before the bulls make another attempt at $75,000
The price of Bitcoin is consolidating above the $70,000 resistance zone on April 1, 2023. BTC is likely to spend some time inside the range before the bulls make another attempt at $75,000.
Technical Analysis
Resistance Levels:
- $71,500
- $72,500
- $73,500
Support Levels:
- $70,750
- $70,200
- $70,000
- $69,128
Indicators:
- Hourly MACD: Slightly bearish, but still in the bullish zone.
- Hourly RSI: Above 50, indicating that the market is overbought.
Price Action
Bitcoin price is struggling to clear the $71,500 resistance level. The price has climbed above $70,500 and it is now trading above the 100 hourly simple moving average. The BTC/USD pair has formed a short-term ascending channel on the hourly chart, with support near $70,750.
If the pair breaks above the $71,500 resistance zone, it could soon start a fresh rally. The next target could be the $72,500 resistance, followed by $73,500.
However, if Bitcoin fails to clear the $71,500 resistance, it could start a fresh decline. The first support on the downside is near $70,750, followed by $70,200. A close below $70,000 could trigger a drop towards the $69,128 level.
Conclusion
Bitcoin price is currently stuck in a range between $70,000 and $71,500. If the bulls manage to break the $71,500 resistance, the price could continue to rise towards $75,000. However, if the bears remain in control, the price could drop below $70,000.
Disclaimer: This report does not constitute investment advice. Investment decisions should be made after consulting a qualified financial advisor.
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