Bitcoin Trades Near $70,000, Analysts Forecast Potential Upswing

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In a volatile flip of conditions, the price of Bitcoin has taken a slight downturn, correcting itself from a peak of $72,000. At present, the globally acclaimed digital currency is consolidating its standing near the $70,000 mark, leaving stakeholders and market analysts predicting a possible upswing in the near future.

In its recent trajectory, Bitcoin has had a rough time pushing past the resistance zone of $71,800. However, on a positive note, it is presently on trade above $69,000, and data from the 100 hourly Simple moving averages support this trend. A stronger indicator of Bitcoin’s potential to rebound is the formation of a key bullish trend line, which is providing support at $69,200 on the hourly chart for the BTC/USD pair, as per data received from Kraken. But expected progress may be hampered unless the downward shift extends below $68,800.

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In response to the sudden increase, Bitcoin gained momentum attempting to sustain above the $70,000 range. It had a momentary surge past $71,200 until the digital currency ‘bears’ made an appearance near the $72,000 mark. All this activity led to the establishment of a new weekly high at $71,896 before the price initiated a downside correction.

In this period of adjustment, the price slipped under the $71,000 level and the 23.6% Fibonacci retracement level, beginning from the upward wave at the $66,047 swing low stretching to the $71,896 high.

Contrary to the downside correction, the ‘bulls’, remarkable for their influence on the upward trend, are not lying idle. With their active presence above the support zone of $68,800, Bitcoin continues to trade over $69,000, even as it is rides against the 100 hourly Simple moving average. Additionally, a key bullish trend line with support at $69,200 is sprouting on the hourly BTC/USD chart.

The current scenario presents a resistance near the $70,500 mark. The first significant resistance might be felt at $71,200, to be followed by the crucial $71,850 resistance. A decisive leap over the $71,850 resistance may drive the price northward, a possible push that could end up mounting a test on the $72,500 resistance.

Stepping up the ladder, if the ‘bulls’ manage to elevate the price even higher, a possible surge toward the $73,200 resistance zone may be on the cards. Further gains may signal Bitcoin towards even greater heights, possibly the $74,500 resistance.

Nevertheless, every ascent begs the question of whether there exists a solid foundation to cushion any potential dips. In the event that Bitcoin falls short of overcoming the $71,200 resistance zone, it could signal a continued downward trajectory. Immediate support on the downside is in proximity to the trend line and the $69,200 level.

Significant support is projected at $69,000, with the key stronghold now shaping up around the $68,800 mark, synonymous with the 50% Fibonacci retracement level that originated at the $66,047 swing low and ended at the $71,896 high. Envisaged losses beyond this point could thrust the Bitcoin price in the vicinity of the $67,300 support zone in the near term.

From a technical standpoint, hourly MACD indicates that the bullish zone is gradually losing momentum. The hourly RSI (Relative Strength Index) for BTC/USD now keeps its head above the 50 level waterline. To sum up, the major support levels to keep an eye on are $69,200 and $68,800, whilst the resistance levels of note are at $70,500, $71,200, and $71,800.