Bitcoin Price Cools Above $70K, Breakout Battle Near $72K Looms
Bitcoin price started a recovery wave from $60,000. BTC is now consolidating gains above $70,000 and faces hurdles near the $72,000 zone. A close above the $72,000 resistance might send the price further higher. In the stated case, the price could rise and test the $73,200 resistance. Any more gains might send the price toward the $74,650 level. The next barrier for the bulls could be $75,000 and $75,500. If Bitcoin fails to rise above the $72,000 resistance zone, it could start another decline. Immediate support is near the $70,000 level. The first major support is near the $68,500 level. The next support is now near the $67,200 zone. Any more losses might send the price toward the $66,000 support in the near term. The main support now sits at $65,000, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $68,500, followed by $67,200. Major Resistance Levels – $72,000 and $74,650.Another Decline In BTC?
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