Bitcoin Price Watch: Will BTC Bulls Conquer $70K or Will Bears Drag it to $67K Support?

Bitcoin continues its tug-of-war around the coveted $70,000 mark, leaving traders on the edge of their seats. After multiple attempts to breach this key resistance, BTC is showing signs of fatigue, prompting questions about its next move. Will Bitcoin finally conquer $70K, or are we looking at a potential dip towards the $67,000 support level? Let’s dive into the latest price analysis to uncover the critical levels and scenarios to watch out for.

Bitcoin’s $70K Standoff: What’s Happening?

Bitcoin’s journey lately can be described as a battle against a stubborn ceiling. Here’s a quick rundown of the current situation:

• Resistance at $70K: Bitcoin is facing significant selling pressure around the $69,500 – $70,000 zone, struggling to establish a firm foothold above it.
• Trading Above Key Averages: Despite the struggle, the price is still holding above $68,000 and the 100 hourly Simple Moving Average (SMA), indicating underlying bullish momentum.
• Bullish Trend Line in Play: A crucial bullish trend line is forming around the $68,000 mark on the hourly BTC/USD chart (data from Kraken), acting as immediate support.
• Potential Downside Risk: However, the current momentum suggests a possible move lower towards the $67,000 support if the resistance persists.

Bitcoin Price Starts Consolidation

Bitcoin made another valiant effort to break free above the $69,000 barrier. We saw BTC push past $69,500, but the bears stepped in aggressively near the $70,000 resistance zone, halting the upward momentum.

After hitting a high of $69,981, Bitcoin began a corrective downside move, dipping below the $69,500 and $69,200 levels. This pullback even pushed the price below the 23.6% Fib retracement level of the recent upward surge from the $65,200 swing low to the $69,981 peak.

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Currently, Bitcoin is finding support above $68,000 and the 100 hourly SMA, suggesting buyers are still active at these levels.

Adding to this, the bullish trend line around $68,000 is also acting as a significant support level on the hourly chart. This trend line coincides closely with the 50% Fib retracement level of the same upward wave mentioned earlier (from $65,200 to $69,981).

On the upside, immediate resistance is pegged near $68,850. Surpassing this, the next hurdle lies at $69,200, and a successful break above this could pave the way for a retest of the $69,500 resistance zone.

For Bitcoin to truly aim for higher ground, it needs a decisive move above the $69,500 resistance. Clearing this could trigger a push towards the formidable $70,000 resistance and potentially open doors for a rally towards $72,000. As of now, BTC is trading around $71,207.17.

Could Bitcoin Face More Downside?

If Bitcoin fails to overcome the $68,850 resistance, we might witness another leg down. The immediate support to watch is around $68,000, coinciding with the trend line.

The more significant support level is positioned at $67,000. A clear break and close below $67,000 could initiate a more substantial pullback, potentially targeting the $65,500 level.

Further selling pressure could drive the price even lower towards the $64,400 support zone.

Technical Indicators to Keep an Eye On:

• Hourly MACD: The MACD is currently indicating bearish momentum, gaining pace in the negative territory.
• Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently below the 50 level, suggesting weakening bullish momentum.
• Key Support Levels: $68,000, followed by $67,000.
• Key Resistance Levels: $68,850, $69,200, and $69,500.

Disclaimer: The information provided is for informational purposes only and does not constitute trading advice. Bitcoinworld.co.in is not responsible for any investment decisions made based on this information. We strongly advise conducting your own thorough research and consulting with a financial advisor before investing in cryptocurrencies.

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