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Home»BITCOIN NEWS»Bitcoin price has recovered the 100 SMA, but bulls still face an uphill climb.
BITCOIN NEWS

Bitcoin price has recovered the 100 SMA, but bulls still face an uphill climb.

By Crypto FlexsApril 5, 20243 Mins Read
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Bitcoin price has recovered the 100 SMA, but bulls still face an uphill climb.
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Bitcoin price is attempting to recover above the $66,500 resistance level. For BTC to continue rising in the near term, the $70,000 resistance needs to be cleared.

  • Bitcoin faces many obstacles near the $69,500 and $70,000 levels.
  • The price is trading above $67,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trend line with resistance at $66,350.
  • If it stays above the $67,000 support zone, it could start a further rise.

Bitcoin price recovery

Bitcoin price found support near $64,500 and began a recovery. BTC could move above the $66,500 and $67,000 resistance levels and into near-term positive territory.

On the hourly chart of the BTC/USD pair, a breakout occurred above the main bearish trend line with resistance at $66,350. The pair has surged above the $69,000 area. A high was formed at $69,354 and the price is now consolidating gains.

It traded 23.6% below the Fib retracement level, rising from the $64,572 swing low to the $69,352 high. Bitcoin is currently trading above $67,000 and the 100-hour simple moving average.

Immediate resistance is near the $68,250 level. The first major resistance could be at $69,350. The main resistance level is currently at $70,000. If there is a clear move above the $70,000 resistance zone, the price could start a fresh rise. If specified, the price could go as high as $71,200.

Source: TradingView.com BTCUSD

The next major resistance is near $72,000. If more gains occur, Bitcoin may head towards the $73,500 resistance zone in the near term.

Another drop in BTC?

If Bitcoin fails to rise above the $69,350 resistance zone, another decline could begin. Immediate support for the downside is near the $67,200 level.

The first major support is $67,000 or the 50% Fib retracement level rising from the $64,572 swing low to the $69,352 high. The next support level is $66,400. If it closes below $66,400, the price may start to fall towards the $65,500 level. More losses could lead the price towards the $64,500 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 decreasing towards the 50 level.

Key support levels – $67,200, then $67,000.

Key resistance levels – $69,350, $70,000 and $71,200.

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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