Bitcoin's Upside Potential

Showing signs of recovery after its recent decline, Bitcoin continues to remain below the 100-hour Simple Moving Average. The breakout of the $67,100 resistance on the hourly chart of the BTC/USD pair signaled that it might gain bullish momentum. For Bitcoin, which manages to hold on to the support zone, a close above $70,000 will be a significant bullish sign.

Resistance and Support Levels Facing Bitcoin

After the $67,100 resistance is overcome, the $70,000 resistance level must also be overcome. If this level is not exceeded, the risk of decline for Bitcoin may increase. If the $69,200 and $70,000 resistances are surpassed, there could be a rise towards the $71,200 levels. However, a decline below the critical support levels of $66,500 and $65,000 could bring about further declines for BTC.

Analysis of Technical Indicators

While the hourly MACD indicator shows a slowdown in the bearish zone, the hourly RSI remains above the 50 level, indicating the possibility of recovery. Bitcoin price continues to struggle to break through the $70,000 resistance in the near term, but strong purchases will be required to remain above this level.

In summary, while there is a positive trend in the Bitcoin price, overcoming the $70,000 resistance is critical for the price to rise further. Resistance and support levels will be decisive and technical indicators suggest that there may be a recovery in the near term.$BTC #Kriptocutrader #BitcoinDunyamiz #Fatihcoşar #İbrahimCOŞAR #aliumutzabun