Bitcoin price has been trading above the $68,500 support level and is currently consolidating. There is a possibility of a fresh increase above the $70,150 resistance in the near future. The recent price action saw Bitcoin finding support near $68,500 and starting a recovery wave. However, the price is currently below $70,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair, which indicates a positive trend in the short term.
Bitcoin faced resistance as it extended its decline below the $70,000 support zone, dropping below $69,500 before finding support at $68,500. The price is now attempting a recovery wave, with a move above the $69,250 resistance zone. The next major resistance levels to watch out for are $70,150 and $70,550, with a clear break above the latter potentially sending the price higher towards $71,200 and $72,000. However, if Bitcoin fails to climb above the $70,150 resistance zone, it could see another decline, with immediate support at $69,500 and further support at $69,150 and $68,500.
Technical indicators show that the Hourly MACD is losing pace in the bearish zone, while the Hourly RSI for BTC/USD is above the 50 level, indicating a potential upward momentum. Major support levels are at $69,500 and $68,500, with major resistance levels at $70,150 and $70,500. Overall, the current price action suggests a mix of bullish and bearish signals, with the potential for both upward and downward movements depending on how Bitcoin reacts to key resistance and support levels in the coming days.
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