Bitcoin Price Cools Above $70K, Breakout Battle Near $72K Looms
Analysis
Price Impact
HighBitcoin is at a critical juncture, consolidating above $70,000 but facing strong resistance at $72,000. a clear break above $72,000 could lead to significant upward movement, while a rejection could trigger another decline towards major support levels.
Trustworthiness
HighThe source adheres to a strict editorial policy focused on accuracy, relevance, and impartiality. content is created by industry experts, meticulously reviewed, and upholds the highest standards in reporting and publishing.
Price Direction
NeutralBtc is in a 'breakout battle' near $72,000. while it has recovered above $70,000 and the 100-hourly simple moving average, the $72,000 level (61.8% fib retracement) acts as a significant hurdle. a successful breach of $72,000 could propel the price towards $73,200 and potentially $74,650-$75,500. conversely, failure to clear $72,000 could lead to a decline, with immediate support at $70,000, followed by critical levels at $68,500 and $67,200.
Time Effect
ShortThe analysis focuses on hourly charts, immediate resistance/support levels, and 'near term' price movements, indicating a short-term outlook on potential price actions.
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Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price started a recovery wave from $60,000. BTC is now consolidating gains above $70,000 and faces hurdles near the $72,000 zone. Bitcoin is attempting to recover but is struggling to clear hurdles. The price is trading above $70,000 and the 100 hourly simple moving average. There was a break above a bearish trend line with resistance at $69,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip again if it trades below the $68,500 and $67,200 levels. Bitcoin Price Holds Support Bitcoin price managed to remain stable above the $65,000 zone. BTC started a recovery wave and was able to climb above the $68,500 resistance zone. The price surpassed the 50% Fib retracement level of the recent downward move from the $78,988 swing high to the $60,500 low. Besides, there was a break above a bearish trend line with resistance at $69,800 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $70,000 and the 100 hourly simple moving average . If the price remains stable above $70,000, it could attempt a fresh increase. Immediate resistance is near the $71,200 level. The first key resistance is near the $72,000 level or the 61.8% Fib retracement level of the recent downward move from the $78,988 swing high to the $60,500 low. Source: BTCUSD on TradingView.com A close above the $72,000 resistance might send the price further higher. In the stated case, the price could rise and test the $73,200 resistance. Any more gains might send the price toward the $74,650 level. The next barrier for the bulls could be $75,000 and $75,500. Another Decline In BTC? If Bitcoin fails to rise above the $72,000 resistance zone, it could start another decline. Immediate support is near the $70,000 level. The first major support is near the $68,500 level. The next support is now near the $67,200 zone. Any more losses might send the price toward the $66,000 support in the near term. The main support now sits at $65,000, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $68,500, followed by $67,200. Major Resistance Levels – $72,000 and $74,650.