Bitcoin price has been consolidating above the $70,000 resistance zone, indicating a potential range-bound movement in the near future. Despite trading above $70,500 and the 100 hourly Simple moving average, BTC is struggling to gain momentum above the $71,500 resistance level. A short-term rising channel has formed with support at $70,750 on the hourly chart of the BTC/USD pair from Kraken. This consolidation phase suggests that bulls might attempt a move towards $75,000 soon.
Bitcoin recently formed a base above the $69,000 resistance zone and climbed above $70,000 to enter a positive zone. However, the bears have been active below the $71,500 resistance, preventing a clear break above this level. The immediate resistance is near the $71,300 level, with the first major resistance at $71,500. A successful break above this resistance could trigger a strong increase in price, potentially pushing it towards $72,500 and $73,500 in the near term.
On the downside, if Bitcoin fails to rise above the $71,200 resistance zone, it could initiate another decline. Immediate support is seen at the $70,750 level and the channel trend line, followed by the first major support at $70,200. Further support levels lie at $70,000, $69,120, and $68,500. A close below $70,000 might lead to a drop towards the $68,500 support zone in the short term.
Looking at the technical indicators, the hourly MACD is losing momentum in the bullish zone, signaling a possible slowdown in the upward movement. Meanwhile, the hourly RSI for BTC/USD is currently above the 50 level, indicating a slightly positive sentiment among traders. The major support levels for Bitcoin include $70,750 and $70,200, while the major resistance levels are at $71,200, $71,500, and $73,500.
Bitcoin’s price action is currently consolidating above the $70,000 level, with the potential for a range-bound movement in the coming days. While bulls are aiming for a breakout above the $71,500 resistance zone to push the price higher, bears are defending this level to prevent further upside. Traders should keep a close eye on key support and resistance levels to gauge the next direction in Bitcoin’s price movement. As always, it is essential to conduct thorough research and consider the risks involved before making any investment decisions.