Bitcoin Price Faces Uphill Task But Indicators Signal More Upsides

Bitcoin terms is consolidating gains supra the $69,000 enactment zone. BTC indispensable wide the $71,500 absorption portion to commencement a dependable increase.

• Bitcoin terms is inactive showing affirmative signs and facing absorption adjacent $71,500.
• The terms is trading supra $69,000 and the 100 hourly Simple moving average.
• There is simply a large bullish inclination enactment forming with enactment astatine $69,120 connected the hourly illustration of the BTC/USD brace (data provender from Kraken).
• The brace could commencement different summation if it clears the $71,500 absorption zone.

Bitcoin Price Holds Support

Bitcoin terms remained successful a positive zone supra the $68,800 absorption zone. BTC climbed higher the $70,000 absorption zone, but the bears were progressive adjacent the $71,500 level.

There were much than 2 attempts to wide the $71,500 level but the bulls failed. There was a downside correction, and the terms tested the $68,400 support. A debased was formed astatine $68,366 and the terms is present starting a decent increase.

There was a determination supra the 23.6% Fib retracement level of the downward determination from the $71,746 plaything precocious to the $68,366 low. Bitcoin is present trading supra $69,000 and the 100 hourly Simple moving average. There is besides a large bullish inclination enactment forming with enactment astatine $69,120 connected the hourly illustration of the BTC/USD pair.

Immediate absorption is adjacent the $70,000 level oregon the 50% Fib retracement level of the downward determination from the $71,746 plaything precocious to the $68,366 low. The archetypal large absorption could beryllium $71,200.

Source: BTCUSD connected TradingView.com

The main absorption is inactive adjacent $71,500. If determination is simply a wide determination supra the $71,500 absorption zone, the terms could proceed to summation strength. In the stated case, the terms could adjacent wide the $72,500 absorption portion successful the adjacent term.

More Losses In BTC?

If Bitcoin fails to emergence supra the $71,200 absorption zone, it could commencement different decline. Immediate enactment connected the downside is adjacent the $69,200 level and the inclination line.

The archetypal large enactment is $68,400. The adjacent enactment sits astatine $67,500. If determination is simply a adjacent beneath $67,500, the terms could commencement a driblet toward the $66,000 level. Any much losses mightiness nonstop the terms toward the $66,000 enactment portion successful the adjacent term.

Technical indicators:

Hourly MACD – The MACD is present losing gait successful the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is present supra the 50 level.

Major Support Levels – $68,400, followed by $67,000.

Major Resistance Levels – $70,000, $71,500, and $73,500.