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Home»EXCHANGE NEWS»Bitcoin price consolidated above $70,000. Can Bulls Pump BTC to $75,000?
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Bitcoin price consolidated above $70,000. Can Bulls Pump BTC to $75,000?

By Crypto FlexsApril 1, 20243 Mins Read
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Bitcoin price consolidated above ,000.  Can Bulls Pump BTC to ,000?
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Bitcoin price is consolidating above the $70,000 resistance zone. BTC may remain in the range for some time before the bulls move towards $75,000.

  • Bitcoin price is struggling to break above the $71,500 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 a short-term ascending channel with support at $70,750.
  • A break above the $71,500 resistance could soon start a new rally.

Bitcoin price remains range-bound.

Bitcoin price formed a base 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, but bears were actively trading below the $71,500 resistance level. Recent highs were made near $71,306 and the price is currently showing an upward trend. It is trading near the 23.6% Fib retracement level, rising from the $69,128 swing low to the $71,306 high.

Bitcoin is currently trading above $70,500 and the 100-hour simple moving average. There is also a short-term upward channel with support at $70,750 on the hourly chart of the BTC/USD pair.

Source: TradingView.com BTCUSD

Immediate resistance is near the $71,300 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 $71,200 resistance zone, another decline could begin. Immediate support for the downside is near the $70,750 level and the channel trendline.

The first major support is $70,200 and the 50% Fib retracement level rising from the $69,128 swing low to the $71,306 high. The next grant is $70,000. If it closes below $70,000, the price could start to fall towards the $69,120 level. More losses could lead the price towards the $68,500 support area in the near term.

Technical indicators:

Hourly MACD – MACD is now losing speed in bullish territory.

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

Key support levels – $70,750, then $70,200.

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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