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Home»BITCOIN NEWS»Bitcoin price cleared $71,500 and is poised to bounce back.
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Bitcoin price cleared $71,500 and is poised to bounce back.

By Crypto FlexsMarch 29, 20243 Mins Read
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Bitcoin price cleared ,500 and is poised to bounce back.
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Bitcoin price is rising above the $70,000 resistance level again. BTC appears to be preparing for a steady rise above the $71,500 resistance zone.

  • Bitcoin price is rising above the $70,000 resistance zone.
  • The price is trading above $70,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows an important bullish trendline forming with support at $70,200.
  • A break above the $71,500 resistance could soon start a new rally.

Bitcoin price gains strength again

Bitcoin price found good support above the $69,000 resistance zone. BTC crossed the $70,000 resistance area and moved back into positive territory.

The price broke through the $71,000 level and retested $71,500. A high was formed around $71,539 and there was a downward correction. There was a slight decline below the 23.6% Fib retracement level of the upward move from the $68,468 swing low to the $71,539 high.

Bitcoin is currently trading above $70,000 and the 100-hour simple moving average. There is also an important bullish trendline with support at $70,200 on the hourly chart of the BTC/USD pair.

Source: TradingView.com BTCUSD

Immediate resistance is near the $71,200 level. The first major resistance could be at $71,500. If there is a clear move above the $71,500 resistance zone, the price could rise significantly. If indicated, the price may clear the resistance area of ​​$72,500 in the near term. The next major resistance is near $73,500.

Another drop in BTC?

If Bitcoin fails to rise above the $71,500 resistance zone, another decline could begin. Immediate support for the downside is near the $70,200 level and trend line.

The first major support is $70,000 and the 50% Fib retracement level of the rise from the $68,468 swing low to the $71,539 high. The next support level is $69,200. If it closes below $69,200, the price could start to fall towards the $68,000 level. More losses could lead the price towards the $66,500 support area in the near term.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bullish territory.

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

Key support levels – $70,200, then $69,200.

Key resistance levels – $71,200, $71,500 and $73,500.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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