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Price Analysis: Why Is Bitcoin Price Rejecting $70K? Key Levels To Watch
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Price Analysis: Why Is Bitcoin Price Rejecting $70K? Key Levels To Watch

The price of Bitcoin is still struggling to clear the $70K resistance while BTC is slowly moving lower and might soon drop toward the $67,000 support.

  • Bitcoin price is struggling to clear the $69,500 and $70,000 levels.
  • The price is trading above $68,000 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down and trade toward the $67,000 support zone.

Bitcoin Price Starts Consolidation

Bitcoin price made another attempt to gain strength above the $69,000 level. BTC cleared the $69,500 level, but the bears were active near the $70,000 resistance zone.

A high was formed at $69,981 and the price started a downside correction. There was a move below the $69,500 and $69,200 levels. 

The price declined below the 23.6% Fib retracement level of the upward wave from the $65,200 swing low to the $69,981 high.

See Also: Top Cryptocurrencies To Watch This Week: BTC, ETH, WLD

Bitcoin is now trading above $68,000 and the 100 hourly Simple moving average. 

There is also a key bullish trend line forming with support at $68,000 on the hourly chart of the BTC/USD pair. 

The trend line is close to the 50% Fib retracement level of the upward wave from the $65,200 swing low to the $69,981 high.

Immediate resistance is near the $68,850 level. The next key resistance could be $69,200, above which the price could rise toward the $69,500 resistance zone.

If there is a clear move above the $69,500 resistance zone, the price could even attempt a move above the $70,000 resistance zone. 

Any more gains might send the price toward the $72,000 level. At press time, BTC is trading at $71,207.17.

More Losses In BTC?

If Bitcoin fails to rise above the $68,850 resistance zone, it could start another decline. Immediate support on the downside is near the $68,000 level and the trend line.

The first major support is $67,000. If there is a close below $67,000, the price could start a decent pullback toward the $65,500 level. 

Any more losses might send the price toward the $64,400 support zone.

Technical Indicators:

  • Hourly MACD – The MACD is now gaining pace in the bearish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
  • Major Support Levels – $68,000, followed by $67,000.
  • Major Resistance Levels – $68,850, $69,200, and $69,500.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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