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Bitcoin Price Holds Above Key Support, Eyes $70,000 Resistance

Bitcoin Holding Steady Above $66,500 Bitcoin’s price remained well-supported above the $66,500 level despite recent fluctuations. After a minor rally, BTC briefly moved past the $68,500 resistance, and the bulls managed to clear the $69,200 barrier. However, the price couldn’t break through the $70,000 resistance and began correcting.

Bitcoin Price Faces Resistance Near $68,000

Bitcoin’s price formed a high at $69,428 but failed to test the $70,000 mark. The correction led to a dip below $68,000, breaking through a key contracting triangle with support at $68,500 on the hourly chart. BTC found support near $66,500 and is currently consolidating above the 23.6% Fibonacci retracement level of the downward move from $69,428 to $66,564.

Currently, Bitcoin is trading below $68,500 and the 100-hourly simple moving average. Immediate resistance is expected around $68,000, followed by the 50% Fibonacci retracement level from $69,428 to $66,564.

Resistance Levels to Watch

The first significant resistance lies at $68,750. If Bitcoin can clear this level, the next target will be $69,200. Breaking past $69,200 could set BTC up for a rally towards $70,000. If momentum builds, the price may even test the $70,500 resistance level.

Downside Risks for Bitcoin

If Bitcoin struggles to break the $68,000 resistance, it may face renewed selling pressure. The first major support lies at $67,000, followed by the key level of $66,500. If losses extend further, the price could drop to $65,500.

Technical Indicators

  • Hourly MACD: The MACD is losing momentum in the bullish zone.
  • Hourly RSI: The RSI is below 50, indicating possible weakness.
  • Support Levels: $66,800 and $66,500.
  • Resistance Levels: $68,000 and $68,500.
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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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