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The cryptocurrency market is witnessing Bitcoin sustain its gains above a certain resistance level in recent days. BTC‘s price is steadily progressing above the $69,200 level, and by surpassing the resistance levels of $70,800 and $71,250, it could gain upward momentum. So, at this stage, which levels should investors focus on?
Bitcoin Price Stays Above $70,000 Mark
Bitcoin continues its efforts to rise above the $70,000 region. Currently, the price is trading above the $70,000 level and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, a connecting bearish trend line is observed at the $70,800 resistance. However, if the pair manages to surpass the $71,250 resistance zone, the upward momentum could become even stronger.
Bitcoin’s price is advancing towards further gains above the $70,500 level. However, it is encountering some challenges to climb above the $71,200 and $71,400 levels. The peak of the previous upward wave formed at the $71,250 level, which plays a significant role in the price’s short-term correction. Bulls are still active above the $69,200 level.
Our eyes are currently on the $71,250 level, but the next major resistance is expected around $71,400. If the price clearly breaks above this resistance zone, the uptrend could strengthen further, and BTC’s price could move towards $72,600. The next significant resistance is near the $73,500 region. Bitcoin’s near-term move towards the $75,000 resistance zone could yield further gains.
Potential Decline in BTC Could Lead to These Levels!
Bitcoin failing to break above the $71,250 resistance zone could signal another downtrend in the near future. So, what should be expected at this point? When examining the BTC/USD pair, it is seen that the price is near a momentary support level of $70,400 and the 100-hour Simple Moving Average (SMA). However, in the event of a deeper decline, the first major support level is emerging as $69,350.
If the price closes below this level, there could be a downward momentum towards $68,500. Furthermore, in this case, the price could likely retreat to the $67,500 support zone in the near term.
Technical Indicators
Looking at the technical indicators, we observe that the 4-hour MACD is gaining momentum in the bullish zone. Similarly, the 4-hour RSI (Relative Strength Index) for BTC/USD is trending above the 50 level, but the sustainability of this condition remains uncertain.
Critical levels should be taken into account. Key support levels include $70,400 and $69,350, while resistance levels are listed as $70,800, $71,250, and $72,600.
