Bitcoin Price Reclaims 100 SMA But Bulls Still Face Uphill Task

Bitcoin value is making an attempt a restoration wave above the $66,500 resistance. BTC should clear the $70,000 resistance to proceed greater within the close to time period.

Bitcoin is going through many hurdles close to the $69,500 and $70,000 ranges.
The worth is buying and selling above $67,000 and the 100 hourly Easy transferring common.
There was a break above a key bearish pattern line with resistance at $66,350 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may begin one other improve if it stays above the $67,000 assist zone.

Bitcoin Worth Eyes Restoration

Bitcoin value discovered assist close to the $64,500 zone and began a restoration wave. BTC was in a position to rise above the $66,500 and $67,000 resistance ranges to maneuver right into a short-term optimistic zone.

There was a break above a key bearish pattern line with resistance at $66,350 on the hourly chart of the BTC/USD pair. The pair even spiked above the $69,000 zone. A excessive was shaped at $69,354 and the worth is now consolidating positive factors.

It traded beneath the 23.6% Fib retracement stage of the upward transfer from the $64,572 swing low to the $69,352 excessive. Bitcoin is now buying and selling above $67,000 and the 100 hourly Easy transferring common.

Speedy resistance is close to the $68,250 stage. The primary main resistance could possibly be $69,350. The primary resistance now sits at $70,000. If there’s a clear transfer above the $70,000 resistance zone, the worth may begin a recent improve. Within the said case, the worth may rise towards $71,200.

Supply: BTCUSD on TradingView.com

The following main resistance is close to the $72,000 zone. Any extra positive factors would possibly ship Bitcoin towards the $73,500 resistance zone within the close to time period.

One other Decline In BTC?

If Bitcoin fails to rise above the $69,350 resistance zone, it may begin one other decline. Speedy assist on the draw back is close to the $67,200 stage.

The primary main assist is $67,000 or the 50% Fib retracement stage of the upward transfer from the $64,572 swing low to the $69,352 excessive. The following assist sits at $66,400. If there’s a shut beneath $66,400, the worth may begin a drop towards the $65,500 stage. Any extra losses would possibly ship the worth towards the $64,500 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now declining towards the 50 stage.

Main Help Ranges – $67,200, adopted by $67,000.

Main Resistance Ranges – $69,350, $70,000, and $71,200.

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