Bitcoin Price Consolidates Above $69,000 Support Zone

Bitcoin Price Consolidates Above $69,000 Support Zone

Bitcoin price is currently consolidating gains above the $69,000 support zone, showing positive signs of strength in the market. Despite facing resistance near $71,500, the price is trading above the 100 hourly Simple Moving Average, indicating a bullish trend in the short term.

There is a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair, suggesting a potential increase in the price if it manages to clear the $71,500 resistance zone. The recent downside correction tested the $68,400 support level, with a low forming at $68,366 before the price initiated a decent increase.

Bitcoin struggled to break the $71,500 resistance level, leading to a downside correction. Immediate resistance is now near the $70,000 level, followed by the $71,200 level. On the other hand, immediate support on the downside is near the $69,200 level and the trend line, with the first major support at $68,400 and the next support at $67,500.

Technical Indicators

Hourly MACD shows a loss in pace in the bearish zone, while the hourly RSI for BTC/USD is above the 50 level, indicating a potential bullish momentum in the near term. Major support levels to watch out for are $68,400 and $67,000, with resistance levels at $70,000, $71,500, and $73,500.

Bitcoin price is currently consolidating above the $69,000 support zone and showing positive signs in the market. With a major bullish trend line forming and resistance near $71,500, the price could potentially see an increase in the near term if it manages to clear the resistance levels. However, a failure to rise above the $71,200 resistance zone could lead to another decline, with immediate support levels at $69,200 and $68,400. Investors are advised to conduct their own research and consider the risks associated with investing in cryptocurrencies before making any decisions.

Analysis

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