Bitcoin’s price is currently facing a challenging time as it struggles to maintain momentum and break through the $70,000 resistance zone. Despite trading above $69,500 and the 100 hourly Simple Moving Average, BTC is encountering several key hurdles in its upward movement.
The Hourly MACD is showing a loss of pace in the bearish zone, indicating a potential downward trend for Bitcoin. Additionally, the Hourly RSI for BTC/USD has fallen below the 50 level, signaling a weakening strength in the market.
If Bitcoin manages to overcome the $70,000 resistance, the price might see an upward movement towards $71,200 and potentially reach the $72,000 resistance level. However, failing to break above $69,500 could lead to a downward trend with immediate support levels near $68,000, followed by $67,500 and $67,000. Further losses could drive the price towards the $65,500 support zone in the near term.
After finding support above the $66,000 level and initiating an increase, BTC cleared the $68,000 resistance but faced resistance near $69,500 and $70,000 levels. A peak was reached around $69,608 before the price began correcting gains. The bears pushed the price below the 23.6% Fib retracement level, testing the $68,000 support zone. Nevertheless, the bulls became active near the 50% Fib retracement level, attempting to keep the price above $69,500.
As Bitcoin continues to consolidate and confront key hurdles, a break above $70,000 could indicate a potential uptrend. However, a failure to surpass the resistance level might result in a further decline in price. Traders and investors are advised to monitor the market closely for any significant developments that could impact Bitcoin’s price movement.
Bitcoin’s price struggles to maintain momentum and faces resistance near the $70,000 zone. With key hurdles ahead, the cryptocurrency market remains uncertain, requiring careful attention to technical indicators and price movements for informed decision-making.