Bitcoin price is holding gains above the $69,200 zone. BTC could gain bullish momentum if it clears the $70,800 and $71,250 resistance levels.

Bitcoin is attempting another increase above the $70,000 zone.
The price is trading above $70,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $71,250 resistance zone.

Bitcoin Price Eyes Another Increase

Bitcoin price attempted more gains above the $70,500 level. However, BTC struggled to gain pace for a move above the $71,200 and $71,400 levels.

A high was formed at $71,250 before there was a downside correction. There was a move below the $70,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $67,500 swing low to the $71,250 high.

However, the bulls are active above the $69,200 level. It is close to the 50% Fib retracement level of the upward move from the $67,500 swing low to the $71,250 high.

Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average. Immediate resistance is near the $70,800 level. There is also a connecting bearish trend line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first major resistance could be $71,250. The next resistance now sits at $71,400. If there is a clear move above the $71,400 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $72,600. The next major resistance is near the $73,500 zone. Any more gains might send Bitcoin toward the $75,000 resistance zone in the near term.

Another Decline In BTC?

If Bitcoin fails to rise above the $71,250 resistance zone, it could start another decline. Immediate support on the downside is near the $70,400 level and the 100 hourly SMA.

The first major support is $69,350. If there is a close below $69,350, the price could start a drop toward the $68,500 level. Any more losses might send the price toward the $67,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $70,400, followed by $69,350.

Major Resistance Levels – $70,800, $71,250, and $72,600.

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Filed under: Bitcoin - @ April 12, 2024 3:12 am