The price of Bitcoin is consolidating its gains above the critical $70,000 resistance zone. There’s potential for another rally if Bitcoin manages to surpass the immediate obstacle at the $71,500 mark.
Bitcoin’s price has maintained a positive trajectory above the $66,500 level, currently trading above $70,000 and the 100-hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair from Kraken, a significant bullish trend line is taking shape, with support positioned around $68,500.
Should Bitcoin successfully breach the resistance zone at $71,500, it could pave the way for another upward movement in the near term.
Bitcoin’s strength is on the rebound.
Bitcoin’s price initiated a notable uptick, surpassing the $68,800 resistance area. BTC continued its ascent beyond $69,500 and $70,000, ultimately testing the $71,500 resistance threshold.
Reaching a fresh weekly pinnacle near $71,557, the price is presently consolidating its gains. Despite a slight dip below the 23.6% Fibonacci retracement level of the upward swing from the $66,811 low to the $71,557 high, Bitcoin sustained stability above $69,000.
At present, Bitcoin is trading above $70,000 and the 100-hourly Simple Moving Average (SMA). Additionally, a crucial bullish trend line is forming on the BTC/USD hourly chart, with support positioned at $68,500. This trend line closely aligns with the 61.8% Fibonacci retracement level of the upward swing from the $66,811 low to the $71,557 high.
![](https://sollcrypto.com/wp-content/uploads/2024/03/Screen-Shot-2024-03-27-at-8.25.57-AM.png)
The immediate resistance lies around the $70,800 mark, with the primary significant barrier at $71,500. A decisive breakthrough above the $71,500 resistance zone could bolster further strength in the price. In such an event, the price might advance beyond the $72,500 resistance zone in the near future. Subsequently, the next notable resistance level to monitor would be around $73,500.
Could BTC be poised for another downturn?
Should Bitcoin fail to surpass the $71,500 resistance zone, it could initiate another decline. Immediate support on the downside resides near the $70,000 level.
The primary significant support is at $69,000, followed by support at $68,500 along with the trend line. A breach below $68,500 may prompt a descent towards the $67,000 level and the 100-hourly SMA. Further losses could potentially lead the price towards the $66,000 support zone in the near term.
Technical Indicators:
Hourly MACD – The MACD is currently decelerating within the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently above the 50 level.
Key Support Levels – $68,500, followed by $67,000.
Key Resistance Levels – $70,500, $71,500, and $73,500.