Bitcoin

Resistance

Bitcoin price is consolidating above the $70,000 resistance zone. BTC might remain in a range for some time before the bulls attempt a move toward $75,000. 
<ul> 
 <li>Bitcoin price is struggling to gain pace above the $71,500 resistance zone.</li> 
 <li>The price is trading above $70,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a short-term rising channel forming with support at $70,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could soon start a fresh rally if it clears the $71,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-remains-in-range">Bitcoin Price Remains In Range</h2> 
Bitcoin price formed a base above the $69,000 resistance zone. BTC climbed higher the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-primed-to-clear-71500-and-rally-again/" target="_blank" rel="noopener ">$70,000 resistance zone</a> to move again into a positive zone. 
The price broke the $71,000 level but the bears were active below the $71,500 resistance. The recent high was formed near $71,306 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $69,128 swing low to the $71,306 high. 
Bitcoin is now trading above $70,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-uphill-task-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a short-term rising channel forming with support at $70,750 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-600653" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin.png?resize=1024%2C461?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> 
Immediate resistance is near the $71,300 level. The first major resistance could be $71,500. If there is a clear move above the $71,500 resistance zone, the price could start a strong increase. In the stated case, the price could even clear the $72,500 resistance zone in the near term. The next major resistance is near the $73,500 zone. 
<h2 id="another-drop-in-btc">Another Drop 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 $70,750 level and the channel trend line. 
The first major support is $70,200 and the 50% Fib retracement level of the upward move from the $69,128 swing low to the $71,306 high. The next support sits at $70,000. If there is a close below $70,000, the price could start a drop toward the $69,120 level. Any more losses might send the price toward the $68,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $70,750, followed by $70,200. 
Major Resistance Levels – $71,200, $71,500, and $73,500.

Bitcoin Price Consolidates Above $70K, Can Bulls Pump BTC To $75K?

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