Bitcoin Price Hovers Above $70K; Bullish Momentum Continues

Published on: Mar 27, 2024|3 min read

Share On

London: 27 March 2024 (TraderMade): Bitcoin, the world's most popular cryptocurrency, is once again making headlines as it consolidates gains above the $70,000 resistance zone.

The crypto community is buzzing with anticipation as bulls prepare for more gains. Let's delve into the latest Bitcoin price analysis to understand what lies ahead for BTC.

Key Takeaways

Bitcoin is consolidating its gains above the $70,000 resistance zone, signalling a strong bullish momentum.
Bitcoin climbed above key resistance levels, reaching a new weekly high near $71,557, and is now testing the critical $71,500 resistance zone.
The hourly MACD is losing bullish momentum, while the RSI is above 50, indicating a potential continuation of the bullish trend.
Key support levels are at $68,500 and $67,000, with immediate resistance at $71,500, followed by $70,800 and $73,500.
A clear move above $71,500 could lead to further gains, targeting the $72,500 and $73,500 resistance levels.
Failure to break the $71,500 resistance may result in a decline toward $69,000 and $68,500 support levels.

Bitcoin Price Regains Strength

Bitcoin price started a decent increase above the $68,800 resistance zone, climbing higher above the $69,500 and $70,000 resistance levels. The price tested the $71,500 resistance zone, forming a new weekly high near $71,557. Currently, the price is consolidating these gains and showing resilience above $69,000.

Technical Indicators

Hourly MACD: The MACD shows a slowdown in bullish momentum. Hourly RSI (Relative Strength Index): BTC/USD RSI is currently above the 50 level.

Key Bullish Trend Line and Support Levels

According to a data feed from Kraken, a key bullish trend line is forming on the hourly chart of the BTC/USD pair, with support at $68,500. The trend line aligns with the 61.8% Fibonacci retracement level from the recent low of $66,811 to the high of $71,557.

Major Support and Resistance Levels

Immediate Support Levels: $68,500, followed by $67,000. Immediate Resistance Levels: $70,800, $71,500, and $73,500.

What's Next for Bitcoin?

Bullish Scenario If Bitcoin manages to clear the $71,500 resistance zone, it could continue to gain strength. In this case, the price might even clear the $72,500 and $73,500 resistance zones in the near term.

Bearish Scenario If Bitcoin fails to rise above the $71,500 resistance zone, it could start another decline. Immediate support on the downside is near the $70,000 level, followed by major support levels at $69,000 and $68,500.

A close below $68,500 could send the price toward the $67,000 and $66,000 support zones.

Conclusion

Bitcoin's price consolidation above $70,000 and the 100 hourly Simple Moving Average indicates a strong bullish momentum. With the upcoming resistance and support levels in sight, traders and investors are keenly watching the next moves in the BTC price.

Stay tuned for more updates on Bitcoin's price movements and the latest trends in the cryptocurrency market.