{"id":600094,"date":"2024-03-28T04:55:43","date_gmt":"2024-03-28T04:55:43","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=600094"},"modified":"2024-06-11T11:25:15","modified_gmt":"2024-06-11T11:25:15","slug":"bitcoin-price-faces-uphill-task-70k","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-price-faces-uphill-task-70k\/","title":{"rendered":"Bitcoin Price Faces Uphill Task But Indicators Signal More Upsides"},"content":{"rendered":"<p><em>Bitcoin price is consolidating gains above the $69,000 support zone. BTC must clear the $71,500 resistance zone to start a steady increase.<\/em><\/p>\n<ul>\n<li>Bitcoin price is still showing positive signs and facing resistance near $71,500.<\/li>\n<li>The price is trading above $69,000 and the 100 hourly Simple moving average.<\/li>\n<li>There is a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start another increase if it clears the $71,500 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Holds Support<\/h2>\n<p>Bitcoin price remained in a <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-consolidates-70k\/\" target=\"_blank\" rel=\"noopener \">positive zone<\/a> above the $68,800 resistance zone. BTC climbed higher the $70,000 resistance zone, but the bears were active near the $71,500 level.<\/p>\n<p>There were more than two attempts to clear the $71,500 level but the bulls failed. There was a downside correction, and the price tested the $68,400 support. A low was formed at $68,366 and the price is now starting a decent increase.<\/p>\n<p>There was a move above the 23.6% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. Bitcoin is now trading above $69,000 and the <a href=\"https:\/\/shenyangcang.com\/analysis\/btc\/bitcoin-price-reclaims-70k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. There is also a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. The first major resistance could be $71,200.<\/p>\n<p><a href=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/Bitcoin_d7ffa4.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-600095\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/Bitcoin_d7ffa4.png?resize=1024%2C449\" alt=\"Bitcoin Price\" width=\"1024\" height=\"449\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/Bitcoin_d7ffa4.png?w=1950 1950w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/Bitcoin_d7ffa4.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/Bitcoin_d7ffa4.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/Bitcoin_d7ffa4.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/Bitcoin_d7ffa4.png?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/Bitcoin_d7ffa4.png?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/03\/Bitcoin_d7ffa4.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The main resistance is still near $71,500. If there is a clear move above the $71,500 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $72,500 resistance zone in the near term.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $69,200 level and the trend line.<\/p>\n<p>The first major support is $68,400. The next support sits at $67,500. If there is a close below $67,500, the price could start a drop toward the $66,000 level. Any more losses might send the price toward the $66,000 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $68,400, followed by $67,000.<\/p>\n<p>Major Resistance Levels \u2013 $70,000, $71,500, and $73,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is consolidating gains above the $69,000 support zone. BTC must clear the $71,500 resistance zone to start a steady increase. Bitcoin price is still showing positive signs and facing resistance near $71,500. The price is trading above $69,000 and the 100 hourly Simple moving average. There is a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start another increase if it clears the $71,500 resistance zone. Bitcoin Price Holds Support Bitcoin price remained in a positive zone above the $68,800 resistance zone. BTC climbed higher the $70,000 resistance zone, but the bears were active near the $71,500 level. There were more than two attempts to clear the $71,500 level but the bulls failed. There was a downside correction, and the price tested the $68,400 support. A low was formed at $68,366 and the price is now starting a decent increase. There was a move above the 23.6% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. Bitcoin is now trading above $69,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support at $69,120 on the hourly chart of the BTC\/USD pair. Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $71,746 swing high to the $68,366 low. The first major resistance could be $71,200. Source: BTCUSD on TradingView.com The main resistance is still near $71,500. If there is a clear move above the $71,500 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $72,500 resistance zone in the near term. More Losses In BTC? If Bitcoin fails to rise above the $71,200 resistance zone, it could start another decline. Immediate support on the downside is near the $69,200 level and the trend line. The first major support is $68,400. The next support sits at $67,500. If there is a close below $67,500, the price could start a drop toward the $66,000 level. Any more losses might send the price toward the $66,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $68,400, followed by $67,000. Major Resistance Levels \u2013 $70,000, $71,500, and $73,500.<\/p>\n","protected":false},"author":67,"featured_media":461328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-600094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Faces Uphill Task But Indicators Signal More Upsides<\/title>\n<meta name=\"description\" content=\"Bitcoin price is consolidating gains above the $69,000 support zone. 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