Cryptocurrency leader Bitcoin continues to progress solidly above the support zone of $69,000. However, for a steady rise, BTC needs to overcome the resistance at $71,500, which also signifies a potential danger zone for the cryptocurrency.
Bitcoin Price Finds Support
Bitcoin‘s price performance is still showing upward trends and is currently facing stiff resistance around $71,500. The price is now trading above the $69,000 mark and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is a significant upward trend line formed with support at $69,120.
Bitcoin’s price continues to gain positive momentum above the $68,800 resistance area. BTC tested the $70,000 resistance zone, but bears were active at these levels. Attempts to surpass the $71,500 level were made several times, but bulls were unsuccessful. This was followed by a downward correction, testing the $68,400 level with the lowest point recorded at $68,366, and currently, the price is reasonably moving upwards.
In the near future, the price is expected to reach the $70,000 level. The first major resistance is anticipated at $71,200, but the main resistance still lies around $71,500. If Bitcoin moves clearly above this resistance zone, it is predicted that the price could continue to gain strength. In this scenario, it is thought that the price could even surpass the resistance zone of $72,500 in the near term.
Potential Declines in BTC Could Lead to These Levels Being Tested
Recent fluctuations in the price of Bitcoin (BTC) continue to unsettle investors. The inability to break above the resistance at $71,200 is causing concern in the cryptocurrency market. So, what levels should be watched if BTC experiences further losses?
Currently, if the BTC/USD pair falls below the $69,200 level, another downtrend could begin. The significant support level at $68,400 is a critical point to monitor closely.
If this support is broken, the next target will be $67,500. However, more concerning is the possibility that if a close below $67,500 occurs, BTC’s price could fall towards the $66,000 levels.
