28 March 2024
Bitcoin price is consolidating gains above the $69,000 support zone. BTC must clear the $71,500 resistance zone to start a steady increase.
Bitcoin price is still showing positive signs and facing resistance near $71,500.
The price is trading above $69,000 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it clears the $71,500 resistance zone.
Bitcoin Price Holds Support
Bitcoin price remained in a positive zone above the $68,800 resistance zone. BTC climbed higher the $70,000 resistance zone, but the bears were active near the $71,500 level.
There were more than two attempts to clear the $71,500 level but the bulls failed. There was a downside correction, and the price tested the $68,400 support. A low was formed at $68,366 and the price is now starting a decent increase.
There was a move above the 23.6% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. Bitcoin is now trading above $69,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. The first major resistance could be $71,200.
Source: BTCUSD on TradingView.com
The main resistance is still near $71,500. If there is a clear move above the $71,500 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $72,500 resistance zone in the near term.
More Losses In BTC?
If Bitcoin fails to rise above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $69,200 level and the trend line.
The first major support is $68,400. The next support sits at $67,500. If there is a close below $67,500, the price could start a drop toward the $66,000 level. Any more losses might send the price toward the $66,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $68,400, followed by $67,000.
Major Resistance Levels – $70,000, $71,500, and $73,500.