Bitcoin’s price has tested the $65,000 zone of support. BTC now rises and attempts to gain a new increase over the $70,000 support zone.
- Bitcoin’s price has shown some signs of improvement since it was in the $65,000 range.
- It is currently trading at a price below $70,000, and it’s moving lower than the Simple 100 hourly Moving average.
- On the hourly BTC/USD chart, there was a breakout above the major trendline with resistance of $67100 (data from Kraken).
- If the pair clears $70,000 in the short term, it could see a bullish trend.
Bitcoin Price Supported
The Bitcoin price has started to rise. downside correction From the $73,500 area. Below the $70,000 level, the price fell steadily and was driven below $68,000 by the bears.
The price finally tested the $65,000 zone of support. The price has now been attempting to break through the $64,555 low. fresh increase. A move was made above the $66,500 zone of resistance. Price climbed over the Fib 23.6% retracement of the decline from $73,734 swing low to $64,555.
On the hourly BTC/USD chart, there was a breakout above the major trendline with resistance of $67100. Bitcoin now trades below $70,000, and is trading under the hourly simple moving-average of 100.
The immediate resistance level is around the $69200 mark or 50% Fib level. This level represents the downward movement from the swing high of $73,734 to the low of $64,555. The next Above $70,000 the key resistance level, the price may rise to $71,200.
Source: BTCUSD on TradingView.com
Price could attempt to move over the $72,000 zone if there is an obvious move above $71,200. The price could reach $73,500 if it gains more.
BTC Losses Increased?
Bitcoin’s decline could be accelerated if Bitcoin does not rise above $70,000. Support for the immediate downside lies near $67,000.
First, the main support will be $65,000. The primary support is $64,500. Price could drop to $63,500 if the close is below $64,500. Further losses could send the price towards the $62,000 zone of support.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $66,500, followed by $65,000.
Major Resistance Levels – $69,200, $70,000, and $71,200.
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