Bitcoin

Resistance

<a href="https://bitcoinworld.co.in/price-analysis-why-is-bitcoin-price-rejecting-70k-key-levels-to-watch/" title="Price Analysis: Why Is Bitcoin Price Rejecting $70K? Key Levels To Watch" rel="nofollow"></a>
The price of Bitcoin is still struggling to clear the $70K resistance while BTC is slowly moving lower and might soon drop toward the $67,000 support. 
<ul> 
 <li style="font-weight: 400">Bitcoin price is struggling to clear the $69,500 and $70,000 levels.</li> 
 <li style="font-weight: 400">The price is trading above $68,000 and the 100 hourly Simple moving average.</li> 
 <li style="font-weight: 400">There is a key bullish trend line forming with support at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li style="font-weight: 400">The pair could continue to move down and trade toward the $67,000 support zone.</li> 
</ul> 
<h3 id="span-style-font-weight-400-bitcoin-price-starts-consolidation-span">Bitcoin Price Starts Consolidation</h3> 
<a href="https://coinstats.app/coins/bitcoin/">Bitcoin</a> price made another attempt to gain strength above the $69,000 level. BTC cleared the $69,500 level, but the bears were active near the $70,000 resistance zone. 
A high was formed at $69,981 and the price started a downside correction. There was a move below the $69,500 and $69,200 levels.&nbsp; 
The price declined below the 23.6% Fib retracement level of the upward wave from the $65,200 swing low to the $69,981 high. 
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Bitcoin is now trading above $68,000 and the 100 hourly Simple moving average.&nbsp; 
There is also a key bullish trend line forming with support at $68,000 on the hourly chart of the BTC/USD pair.&nbsp; 
The trend line is close to the 50% Fib retracement level of the upward wave from the $65,200 swing low to the $69,981 high. 
Immediate resistance is near the $68,850 level. The next key resistance could be $69,200, above which the price could rise toward the $69,500 resistance zone. 
If there is a clear move above the $69,500 resistance zone, the price could even attempt a move above the $70,000 resistance zone.&nbsp; 
Any more gains might send the price toward the $72,000 level. At press time, BTC is trading at $71,207.17. 
<h3 id="span-style-font-weight-400-more-losses-in-btc-span">More Losses In BTC?</h3> 
If Bitcoin fails to rise above the $68,850 resistance zone, it could start another decline. Immediate support on the downside is near the $68,000 level and the trend line. 
The first major support is $67,000. If there is a close below $67,000, the price could start a decent pullback toward the $65,500 level.&nbsp; 
Any more losses might send the price toward the $64,400 support zone. 
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators:</h3> 
<ul> 
 <li style="font-weight: 400">Hourly MACD – The MACD is now gaining pace in the bearish zone.</li> 
 <li style="font-weight: 400">Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.</li> 
 <li style="font-weight: 400">Major Support Levels – $68,000, followed by $67,000.</li> 
 <li style="font-weight: 400">Major Resistance Levels – $68,850, $69,200, and $69,500.</li> 
</ul> 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
#Binance #WRITE2EARN 
The post <a href="https://bitcoinworld.co.in/price-analysis-why-is-bitcoin-price-rejecting-70k-key-levels-to-watch/">Price Analysis: Why Is Bitcoin Price Rejecting $70K? Key Levels To Watch</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Price Analysis: Why Is Bitcoin Price Rejecting $70K? Key Levels To Watch

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