Bitcoin price is consolidating gains above the $69,000 support zone. BTC must clear the $71,500 resistance zone to start a steady increase.
- Bitcoin price is still showing positive signs and facing resistance near $71,500.
- The price is trading above $69,000 and the 100 hourly Simple moving average.
- There is a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $71,500 resistance zone.
Bitcoin price maintains support level.
Bitcoin price sustained its positive stance above the $68,800 resistance zone, ascending past the $70,000 resistance. However, resistance stiffened around the $71,500 mark as bears became active. Despite multiple attempts by bulls to breach the $71,500 level, they were unsuccessful. This led to a downward correction, with the price testing support at $68,400. A low point was established at $68,366, initiating a gradual uptrend.
As the price rebounded, it surpassed the 23.6% Fibonacci retracement level of the recent downward movement from the $71,746 high to the $68,366 low. Currently, Bitcoin is trading above $69,000 and the 100-hourly Simple Moving Average (SMA). Additionally, a significant bullish trend line is taking shape with support at $69,120 on the hourly chart of the BTC/USD pair.
In terms of resistance, immediate hurdles are near the $70,000 level or the 50% Fibonacci retracement level of the aforementioned downward move. The primary resistance stands at $71,200.
![](https://sollcrypto.com/wp-content/uploads/2024/03/Screen-Shot-2024-03-28-at-10.46.05-AM.png)
The primary resistance remains concentrated around $71,500. A decisive breakthrough above this barrier could bolster the price, potentially paving the way for further gains. Should such a scenario unfold, there’s a possibility of the price surmounting the $72,500 resistance zone in the short run.
Is BTC poised for further declines?
If Bitcoin fails to breach the $71,200 resistance threshold, it may initiate another downtrend. Immediate downside support is anticipated near the $69,200 level and the trend line.
The primary support level rests at $68,400, followed by $67,500. A breach below $67,500 could precipitate a descent towards the $66,000 mark. Further losses might drive the price towards the $66,000 support region in the short term.
Technical Indicators:
Hourly MACD – The MACD is currently decelerating within bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has surpassed the 50 level.
Key Support Levels – $68,400, followed by $67,000.
Key Resistance Levels – $70,000, $71,500, and $73,500.