Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/key-levels-to-watch-in-bitcoin-price-action/" data-wpel-link="internal">Key Levels to Watch in Bitcoin Price Action</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/sec-binance-davasinda-yeni-gelisme-70-milyar-dolar-hareket-ettirildi" data-wpel-link="internal">The cryptocurrency</a></strong> market is closely following the recent volatility in <a href="https://coin-turk.com/kriz-kahininden-bitcoin-altin-ve-gumus-uyarisi-koruma-saglayacak" data-wpel-link="internal">Bitcoin’s</a> price. <a href="https://en.coin-turk.com/cryptocurrency-market-on-the-edge-anticipating-the-impact-of-turkish-elections-on-the-sector/" data-wpel-link="internal">Bitcoin</a> has initiated a significant recovery wave with strong momentum from the support level around $64,500. However, the strength and sustainability of this recovery appear to be dependent on the upcoming resistance levels.</p> 
<h2 style="text-align: justify" id="levels-to-monitor-in-bitcoin-s-price">Levels to Monitor in Bitcoin’s Price</h2> 
<p style="text-align: justify"><strong><a href="https://coin-turk.com/borsaya-buyuk-saldiri-saldirganlar-bitcoin-istiyor" data-wpel-link="internal">BTC</a></strong>/USD pair has recently managed to enter a short-term positive zone by breaking above the resistance levels of $66,500 and $67,000. This could be considered a positive sign for many investors. However, significant hurdles still lie ahead.</p> 
<p style="text-align: justify">In particular, we must consider that Bitcoin has several resistances near the $69,500 and $70,000 levels. These are established as significant resistance points. On the hourly chart of the <a href="https://en.coin-turk.com/bitmex-co-founder-predicts-bitcoin-to-hit-seven-figures/" data-wpel-link="internal">BTC</a>/USD pair, there was a breakout above a key bearish trend line with resistance near $66,350. Yet, the real test seems to be at the $70,000 level.</p> 
<h2 style="text-align: justify" id="btc-trading-above-67-000">BTC Trading Above $67,000</h2> 
<p style="text-align: justify">In short-term analyses, one important aspect to consider is the Fibonacci retracement levels. The fact that Bitcoin is trading below the 23.6% Fib retracement level from its recent rise starting around $64,500 could be a concern for some analysts.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-337680 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/btc-btc-coin-turk-com-.png" alt="" width="1817" height="809"></p> 
<p style="text-align: justify">However, BTC is currently trading above $67,000 and the 100-hour Simple Moving Average, which could provide some support for the short-term outlook. In the upcoming period, if Bitcoin surpasses the $70,000 resistance, a new rally could begin. In this case, the price is predicted to rise up to $71,200.</p> 
<p style="text-align: justify">On the other hand, another important resistance level to watch is near the $72,000 area. If Bitcoin overcomes these levels, it could unlock more upside potential and possibly trigger a journey towards the $73,500 resistance zone in the near term.</p> 
<h2 style="text-align: justify" id="bitcoin-faces-downtrend-risk-if-it-fails-to-break-resistance-zone">Bitcoin Faces Downtrend Risk If It Fails to Break Resistance Zone</h2> 
<p style="text-align: justify">If Bitcoin fails to break above the resistance zone around $69,350, it could signal the start of a new downtrend. Currently, the immediate downside support appears to be near the $67,200 level.</p> 
<p style="text-align: justify">The fluctuations of the past few days once again demonstrate the high volatility of the cryptocurrency market. If Bitcoin cannot surpass the previous resistance zone, further declines could occur.</p> 
<p style="text-align: justify">Looking at the technical analysis, the first major support starts at the $67,000 or $64,572 levels, extending up to the 50% Fib retracement level of the upward move at $69,352. The next support is around the $66,400 level.</p> 
<p style="text-align: justify">If there is a close below $66,400, the price could start declining towards the $65,500 level. Further losses could potentially lead the price towards the $64,500 support zone in the near term.</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/key-levels-to-watch-in-bitcoin-price-action/" data-wpel-link="internal">Key Levels to Watch in Bitcoin Price Action</a></h5>

Key Levels to Watch in Bitcoin Price Action

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