Bitcoin Price Recovery Faces Key Resistance Levels
- Bitcoin price began a recovery wave above $69,200 and is now trading above $70,000.
- The price is positioned above the $70,000 mark and the 100 hourly simple moving average.
- A bullish flag pattern is forming with resistance at $70,700 on the hourly chart of the BTC/USD pair.
- Key resistance levels are near $71,200 and $71,650, which could determine further price movement.
- Immediate support levels are around $69,500 and $69,000 if a decline occurs.
Bitcoin’s current trading position above the key level of $70,000 suggests a potential for further gains if it can overcome resistance near $71,650. The formation of a bullish flag pattern indicates possible upward momentum.
If Bitcoin manages to close above the critical resistance level of $71,650, it may test higher resistances at $72,500 or even reach towards $73,200 in subsequent moves. Source
