Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-maintains-position-above-70000-resistance-zone/" data-wpel-link="internal">Bitcoin Maintains Position Above $70,000 Resistance Zone</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/son-dakika-bitcoin-ve-eth-gece-rallisinde-kripto-paralar-neden-yukseliyor" data-wpel-link="internal">Bitcoin</a></strong> price is currently sustaining above the $70,000 resistance region. It is anticipated that bulls might consolidate in this range a bit longer before making a move towards the $75,000 target. What are the expectations for <a href="https://en.coin-turk.com/exploring-the-december-optimism-for-bitcoin-a-journey-to-new-heights/" data-wpel-link="internal">Bitcoin</a> in the first days of April? Let’s examine the details together.</p> 
<h2 style="text-align: justify" id="bitcoin-price-above-70-000">Bitcoin Price Above $70,000</h2> 
<p style="text-align: justify">According to recent data, Bitcoin price is attempting to gain momentum above the $71,500 resistance area. Trading above the $70,500 level and being above the 100-hour simple moving average provides some hope to investors. On the hourly chart, a short-term ascending channel with support at $70,750 is observed.</p> 
<p style="text-align: justify">If the pair manages to surpass the $71,500 resistance area, a new rally could be predicted in the near future. Bitcoin price has established a solid base above the $69,000 resistance area in recent days. However, it needs to climb above the $70,000 resistance area to re-enter a positive zone.</p> 
<p style="text-align: justify">It was observed that the price broke the $71,000 level but bears are active below the $71,500 resistance. So far, the highest level reached was around $71,306, and the price is currently consolidating gains.</p> 
<h2 style="text-align: justify" id="what-are-the-critical-levels">What Are the Critical Levels?</h2> 
<p style="text-align: justify">It seems that the price’s upward movement continues near the 23.6% Fib retracement level. Bitcoin is currently trading above the $70,500 mark and the 100-hour simple moving average. Additionally, the presence of a short-term ascending channel with support at $70,750 on the hourly chart is noteworthy.</p> 
<p style="text-align: justify">The immediate resistance is near the $71,300 level. However, the first major resistance level is anticipated to be at $71,500. If a clear move above the $71,500 resistance area is observed, the price is expected to enter a strong uptrend. In this case, the price could even surpass the $72,500 resistance area in the near term. The next major resistance level is near the $73,500 region.</p> 
<h2 style="text-align: justify" id="if-btc-fails-to-surpass-the-71-200-level">If BTC Fails to Surpass the $71,200 Level</h2> 
<p style="text-align: justify">Bitcoin continues to quicken the pulse of investors with its recent volatile trend. However, if it fails to rise above the $71,200 resistance area, a new downward wave is expected for the cryptocurrency.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-335701 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/btc-coin-turk-com-.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify"><strong><a href="https://coin-turk.com/bitcoin-hashratein-dususu-devam-ediyor" data-wpel-link="internal">BTC</a></strong>/USD pair, if unable to climb above the $71,200 level, could experience a pullback towards the immediate support level at $70,750. The proximity to the channel trend line should also be considered. The first major support level is around $70,200, which represents the 50% Fibonacci retracement level of the rise from $69,128 to $71,306.</p> 
<p style="text-align: justify">Moreover, the $70,000 level emerges as a significant psychological support. If the price drops below this level, it could gain downward momentum towards the $69,120 level. In the event of further losses, the price could potentially retreat to the $68,500 support area in the near term.</p> 
<h2 style="text-align: justify" id="what-do-technical-indicators-suggest">What Do Technical Indicators Suggest?</h2> 
<p style="text-align: justify">Looking at technical indicators, we see that the hourly MACD is losing momentum in the bullish zone. However, the hourly RSI (Relative Strength Index) value for <a href="https://en.coin-turk.com/bitcoin-struggles-to-hold-above-27000-a-potential-breakout-in-august/" data-wpel-link="internal">BTC</a>/USD is still above the 50 level.</p> 
<p style="text-align: justify">The main support levels are determined as $70,750 and then $70,200, while the resistance levels are highlighted as $71,200, $71,500, and $73,500.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-maintains-position-above-70000-resistance-zone/" data-wpel-link="internal">Bitcoin Maintains Position Above $70,000 Resistance Zone</a></h5>

Bitcoin Maintains Position Above $70,000 Resistance Zone

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