Bitcoin

Resistance

Bitcoin price is holding gains above the $69,200 zone. BTC could gain bullish momentum if it clears the $70,800 and $71,250 resistance levels. 
<ul> 
 <li>Bitcoin is attempting another increase above the $70,000 zone.</li> 
 <li>The price is trading above $70,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears the $71,250 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-eyes-another-increase">Bitcoin Price Eyes Another Increase</h2> 
Bitcoin price attempted <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-attractive-70k/" target="_blank" rel="noopener ">more gains</a> above the $70,500 level. However, BTC struggled to gain pace for a move above the $71,200 and $71,400 levels. 
A high was formed at $71,250 before there was a downside correction. There was a move below the $70,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $67,500 swing low to the $71,250 high. 
However, the bulls are active above the $69,200 level. It is close to the 50% Fib retracement level of the upward move from the $67,500 swing low to the $71,250 high. 
Bitcoin is now trading above $70,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-fails-again-72k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $70,800 level. There is also a connecting bearish trend line forming with resistance at $70,800 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_1ba1ce.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-602793" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_1ba1ce.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_1ba1ce.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_1ba1ce.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_1ba1ce.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_1ba1ce.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_1ba1ce.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_1ba1ce.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_1ba1ce.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> 
The first major resistance could be $71,250. The next resistance now sits at $71,400. If there is a clear move above the $71,400 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $72,600. The next major resistance is near the $73,500 zone. Any more gains might send Bitcoin toward the $75,000 resistance zone in the near term. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $71,250 resistance zone, it could start another decline. Immediate support on the downside is near the $70,400 level and the 100 hourly SMA. 
The first major support is $69,350. If there is a close below $69,350, the price could start a drop toward the $68,500 level. Any more losses might send the price toward the $67,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $70,400, followed by $69,350. 
Major Resistance Levels – $70,800, $71,250, and $72,600.

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