The post Analysts Weigh in as Bitcoin Faces Decisive Test at $70.5K Resistance Zone appeared on BitcoinEthereumNews.com.

Bitcoin approaches key resistance at $70,500 and crucial support at $67,800 as analysts closely monitor market trends. Bitcoin is again garnering attention, as it approaches critical market thresholds that could dictate its short-term trajectory. As a result, market analysts are closely watching a resistance level around the $70,500 mark, which could set the stage for new highs or signal the beginning of a deeper correction. Resistance at $70,500 A recent analysis by market experts highlights the $70,500 level as a major resistance point for Bitcoin. Tara, a market analyst, shared on X that exceeding this level might prove challenging.  She notes that should Bitcoin fail to breach this barrier, it might be pushed back to a support level at approximately $67,800. This particular support has historical significance, previously serving as a breakout point and potentially acting as a strong foundation if retested. Bitcoin 4H Chart | Precision Trade Adding to the technical perspective, Tara’s analysis highlights that Bitcoin’s RSI is slightly above 60. While this is not traditionally considered overbought territory—which is usually above 70—it does signal that Bitcoin is nearing levels where price reversals are common, hence warranting cautious optimism among traders. Support Levels to Watch In the event of a downward correction, several key support levels are expected to play critical roles. According to Michaël van de Poppe, a prominent market analyst, Bitcoin is presently in a consolidation zone and might retest the $68,000 mark before it can resume its upward movement. This consolidation phase suggests a healthy market correction, allowing Bitcoin to gather strength for another rally. Bitcoin 12H Chart | Michael van de Poppe Furthermore, Michaël highlights a key resistance level at $73,660 on his charts, a threshold that has previously proven difficult for Bitcoin to surpass. Additionally, several support levels exist where the $67,789 point…

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Filed under: News - @ May 23, 2024 2:20 am