Bitcoin Consolidates Above $70,000 Eyeing Breakthrough to $75,000 Mark

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Perched above the coveted $70,000 resistance zone, Bitcoin continues to consolidate its position, prompting traders to speculate about a potential dash towards the $75,000 mark in the near future. However, Bitcoin’s ascent seems tempered by a slight struggle as it strives to establish dominance above the $71,500 resistance zone.

Currently trading upwards of $70,500, it is evident that the price of Bitcoin is revealing a resilient streak. This figure puts it well above the 100 hourly Simple Moving Average, suggesting an overall bullish sentiment. Subtle indicators on the hourly BTC/USD pair chart from Kraken hint at a short-term rising channel commencing support at a respectable $70,750.

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Should Bitcoin successfully break through the $71,500 resistance zone barrier, it stands poised to instigate a fresh rally. Building upon a sturdy base formed above the $69,000 resistance zone, Bitcoin soared to breach the prestigious $70,000 barrier leading it into a promising zone of positivity.

Although the bears resisted Bitcoin’s attempt at crossing the $71,500 resistance, it managed to reach a recent high of $71,306. Now, the popular cryptocurrency is consolidating its gains while trading near the 23.6% Fibonacci retracement level, a milestone attained from a $69,128 swing low to a $71,306 high.

Bitcoin appears to be poised for an uphill journey with the immediate resistance estimated around the $71,300 mark. A significant resistance could be faced at $71,500; however, an unequivocal surge above this level could trigger a robust increase. Consequently, we could witness the price crossing the much-anticipated $72,500 resistance zone in the near term. The pathway ahead could lead to the next hurdle situated around the $73,500 zone.

Despite these bullish sentiments, it is prudent to consider potential drops in Bitcoin’s journey. If Bitcoin cannot establish control over the $71,200 resistance zone, another decline may loom on the horizon. Immediate buffers against such setbacks include the support developing near the $70,750 level and the channel trend line.

The first major shield against decline is anticipated at $70,200, followed by the 50% Fib retracement level, based on Bitcoin’s upward journey from the swing low of $69,128 to the recent high of $71,306. The subsequent support lies at $70,000, a close below which could potentially trigger a drop towards the $69,120 level. Any further losses could steer Bitcoin towards the $68,500 support zone.

On the technical front, the Moving Average Convergence Divergence (MACD) seems to be cautiously dipping its toes back into the bullish zone, while the Relative Strength Index (RSI) for the BTC/USD pair comfortably floats above the imperative 50 level.

The major support levels to watch out for rest at $70,750 and $70,200, while the resistance hurdles are expected at around $71,200, $71,500 and subsequently at $73,500.