Bitcoin

Resistance

Bitcoin price is consolidating gains above the $69,000 support zone. BTC must clear the $71,500 resistance zone to start a steady increase. 
<ul> 
 <li>Bitcoin price is still showing positive signs and facing resistance near $71,500.</li> 
 <li>The price is trading above $69,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start another increase if it clears the $71,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-holds-support">Bitcoin Price Holds Support</h2> 
Bitcoin price remained in a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-70k/" target="_blank" rel="noopener ">positive zone</a> above the $68,800 resistance zone. BTC climbed higher the $70,000 resistance zone, but the bears were active near the $71,500 level. 
There were more than two attempts to clear the $71,500 level but the bulls failed. There was a downside correction, and the price tested the $68,400 support. A low was formed at $68,366 and the price is now starting a decent increase. 
There was a move above the 23.6% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. Bitcoin is now trading above $69,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair. 
Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. The first major resistance could be $71,200. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_d7ffa4.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-600095" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_d7ffa4.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_d7ffa4.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_d7ffa4.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_d7ffa4.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_d7ffa4.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_d7ffa4.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_d7ffa4.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_d7ffa4.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The main resistance is still near $71,500. If there is a clear move above the $71,500 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $72,500 resistance zone in the near term. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $69,200 level and the trend line. 
The first major support is $68,400. The next support sits at $67,500. If there is a close below $67,500, the price could start a drop toward the $66,000 level. Any more losses might send the price toward the $66,000 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $68,400, followed by $67,000. 
Major Resistance Levels – $70,000, $71,500, and $73,500.

Bitcoin Price Faces Uphill Task But Indicators Signal More Upsides

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