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Bitcoin Price Struggles to Reclaim $70K: Will the Bulls Prevail?

Must Read

Bitcoin worth struggled to remain above $70,000 and corrected good points. BTC is now buying and selling beneath $69,000 and displaying a number of bearish indicators.

  • Bitcoin prolonged its draw back correction beneath the $69,000 zone.
  • The value is buying and selling beneath $69,000 and the 100 hourly Easy transferring common.
  • There’s a key bullish development line forming with assist at $67,600 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might begin one other improve except there’s a transfer beneath the $67,500 assist.

Bitcoin Worth Revisits Assist

Bitcoin worth began a draw back correction after it failed to remain above the $70,000 assist. BTC declined beneath the $69,200 and $68,500 assist ranges.

The value even dipped beneath the $67,500 assist. A low has fashioned at $67,243 and the worth is now consolidating losses. It moved above the $68,000 stage and the 23.6% Fib retracement stage of the downward transfer from the $70,600 swing excessive to the $67,243 low.

Bitcoin is now buying and selling beneath $69,000 and the 100 hourly Easy transferring common. Nevertheless, there’s a key bullish development line forming with assist at $67,600 on the hourly chart of the BTC/USD pair.

If there’s a contemporary improve, the worth would possibly face resistance close to the $68,800 stage. The primary main resistance may very well be $69,000 or the 50% Fib retracement stage of the downward transfer from the $70,600 swing excessive to the $67,243 low.

The following key resistance may very well be $69,550. A transparent transfer above the $69,550 resistance would possibly ship the worth increased. Within the acknowledged case, the worth might rise and take a look at the $70,600 resistance. Any extra good points would possibly ship BTC towards the $72,000 resistance.

Extra Losses In BTC?

If Bitcoin fails to climb above the $69,000 resistance zone, it might proceed to maneuver down. Speedy assist on the draw back is close to the $67,650 stage and the development line.

The primary main assist is $67,500. The following assist is now forming close to $66,250. Any extra losses would possibly ship the worth towards the $65,000 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Assist Ranges – $67,500, adopted by $66,250.

Main Resistance Ranges – $69,000, and $70,600.

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