Bitcoin

Resistance

Bitcoin price is showing a few positive signs above the $68,500 resistance. BTC must settle above the $70,000 resistance to continue higher in the near term. 
<ul> 
 <li>Bitcoin is eyeing a steady increase above $69,500 and $70,000 levels.</li> 
 <li>The price is trading above $68,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support near $68,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start another increase if it stays above the $68,000 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-holds-support">Bitcoin Price Holds Support</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-67k/" target="_blank" rel="noopener ">decent increase</a> above the $67,500 resistance zone. BTC cleared the $68,500 and $68,800 resistance levels to move into a positive zone. 
The price even spiked above the $70,000 resistance zone. A high was formed near the $70,300 level and the price is now correcting gains. There was a move below the $70,000 level. There was a move below the 23.6% Fib retracement level of the upward move from the $65,116 swing low to the $70,300 high. 
Bitcoin is now trading above $68,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggle-67k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $69,800 level. The first major resistance could be $70,000. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_121124.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-601924" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_121124.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_121124.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_121124.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_121124.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_121124.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_121124.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_121124.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_121124.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The next resistance now sits at $70,300. If there is a clear move above the $70,300 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward $71,200. The next major resistance is near the $72,000 zone. Any more gains might send Bitcoin toward the $73,500 resistance zone in the near term. 
<h2 id="are-dips-limited-in-btc">Are Dips Limited In BTC?</h2> 
If Bitcoin fails to rise above the $70,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $69,000 level or the trend line. 
The first major support is $67,800 or the 50% Fib retracement level of the upward move from the $65,116 swing low to the $70,300 high. The next support sits at $66,500. If there is a close below $66,500, the price could start a drop toward the $65,350 level. Any more losses might send the price toward the $62,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. 
Major Support Levels – $68,800, followed by $67,800. 
Major Resistance Levels – $69,800, $70,000, and $71,200.

Bitcoin Price Hints At Potential Correction, Buy The Dip?

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