Bitcoin Price Shows Bullish Setup — Takeover Rally Incoming?
Bitcoin price started a decent increase above the $70,000 zone. BTC is now consolidating and might aim for more gains if it clears $72,000. 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 $74,000 level. The next barrier for the bulls could be $75,000. If Bitcoin fails to rise above the $71,750 resistance zone, it could start another decline. Immediate support is near the $70,400 level or the 50% Fib retracement level of the recent upward move from the $68,971 swing low to the $71,750 high. The first major support is near the $70,000 level. The next support is now near the $68,800 zone. Any more losses might send the price toward the $67,250 support in the near term. The main support now sits at $66,500, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $70,400, followed by $70,000. Major Resistance Levels – $71,750 and $72,000.Another Decline In BTC?
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