Bitcoin’s price refuses to reach $70,000, keep an eye on important price levels.

Bitcoin Struggles to Break Through $70,000 Resistance, Slowly Drops Towards $67,000 Support

Bitcoin Struggles to Break Resistance: Is a Drop Imminent?

Bitcoin’s price is facing a tough challenge as it attempts to break through the $70,000 resistance level. Despite trading above $68,000 and the 100 hourly Simple Moving Average, BTC is slowly losing momentum and might drop towards the $67,000 support zone. In this article, we’ll analyze the current situation and provide insights into what the future holds for the world’s most popular cryptocurrency.

Bitcoin Price Starts Consolidation

Bitcoin made a valiant effort to gain strength above $69,000 and managed to clear the $69,500 level. However, the bears quickly emerged near the crucial $70,000 resistance zone, thwarting any significant upward movement. The price reached a high of $69,981 before starting a downside correction.

Bitcoin is currently trading above $68,000 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a key bullish trend line forming with support at $68,000. This trend line coincides with the 50% Fibonacci retracement level of the upward wave from the $65,200 swing low to the $69,981 high.

Immediate resistance is anticipated near the $68,850 level, followed by the $69,200 and $69,500 resistance zones. A clear move above $69,500 could potentially trigger a breakthrough above the $70,000 resistance zone, paving the way for further gains towards the $72,000 level.

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More Losses in BTC?

However, if Bitcoin fails to rise above the $68,850 resistance zone, it could experience another decline. The first major support on the downside is near the $68,000 level and the trend line. A close below $67,000 may signal the start of a decent pullback towards the $65,500 level. Further losses might expose the price to the $64,400 support zone.

Q&A: What You Need to Know

Q: Why is Bitcoin struggling to break the $70,000 resistance level?
A: The $70,000 resistance zone has proven to be a major obstacle for Bitcoin. It represents a psychological barrier where significant selling pressure builds up, preventing the price from rising further.

Q: What could trigger a breakthrough above the $70,000 resistance level?
A: A clear move above the $69,500 resistance zone could potentially pave the way for a breakthrough. This could be influenced by positive market sentiment, increased buying pressure, or a bullish catalyst.

Q: What factors are contributing to the current consolidation phase?
A: Several factors can lead to a consolidation phase in the cryptocurrency market. These include profit-taking by traders, lack of significant positive news, or uncertainty in the broader financial markets.

Technical Indicators and Trading Strategies

Technical indicators provide valuable insights into the market sentiment and potential price movements. Currently, the hourly MACD is gaining momentum in the bearish zone, signaling a potential downward movement. The hourly RSI for BTC/USD is below the 50 level, indicating a slightly bearish bias.

For traders, it is essential to monitor price levels and key support and resistance zones. Strong resistance is expected near $68,850, $69,200, and $69,500, while crucial support lies at $68,000 and $67,000.

Future Outlook and Investment Recommendations

While short-term price movements are challenging to predict accurately, long-term trends suggest a positive outlook for Bitcoin. The cryptocurrency has experienced significant growth over the years, with an increasing number of institutional investors and businesses embracing it as an alternative asset class. This could potentially drive up demand and lead to higher prices in the future.

Investors interested in Bitcoin should consider the volatility and risks associated with the cryptocurrency market. It is crucial to conduct thorough research, diversify investments, and seek professional advice before making any investment decisions.

Conclusion and Social Sharing

In conclusion, Bitcoin’s struggle to break through the $70,000 resistance level has led to a consolidation phase. Traders should closely monitor key support and resistance zones for potential trading opportunities. While short-term price actions are uncertain, the long-term outlook for Bitcoin remains positive.

References

1. Bitcoin needs to address scaling ETFs to drive momentum
2. Bitcoin price rally could breach $50,000 this month – Matrixport
3. BTCUSD on TradingView.com
4. BTCUSDT on TradingView.com
5. XBTUSD on TradingView.com

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