Bitcoin Attempts Recovery Amidst Key Resistance Levels
- Bitcoin price began a recovery wave above $69,800 and $70,200.
- BTC is trading above $70,200 and the 100 hourly simple moving average.
- A bullish trend line is forming with support at $70,400 on the hourly chart of the BTC/USD pair.
- Immediate resistance is near the $71,200 level, with key resistance at $71,650.
- Failure to rise above $71,650 could lead to another decline with major support at $70,000.
Bitcoin’s price recovery over key levels like $70,200 and its position above the moving average suggest potential for further gains if it surpasses significant resistance points at $71,650. However, failure to do so may result in a decline towards major support levels around $70,000.
The BTC market remains volatile as traders watch for movements past critical thresholds that could dictate short-term trends in market direction. (Source)
