Bitcoin Holds Above $68,500 Support, Eyes Potential Surge Beyond $70,150 Resistance

  • The cryptocurrency market exhibits notable volatility, often leading to sharp price movements.
  • Currently, Bitcoin is navigating critical support and resistance levels.
  • Technical analysis shows potential scenarios for Bitcoin’s short-term trajectory.

Discover the latest developments in Bitcoin’s price action and what key levels to watch for potential breakouts or declines.

Bitcoin Price Challenges Key Resistance

Bitcoin recently experienced a drop below the significant $70,000 support level. However, it found a firm footing around $68,500, leading to a cautious recovery attempt.

BTC managed to climb above the $69,250 resistance area, breaking past the 23.6% Fibonacci retracement level of the downward trend from $71,900 to $68,409.

Support and Resistance Levels to Monitor

Currently, Bitcoin is consolidating below $70,000 and the 100-hourly simple moving average. A bullish trend line with support at $69,500 provides some stability. On the upside, significant resistance is encountered around the $70,000 mark.

Potential Scenarios for Bitcoin’s Movement

The initial major resistance zone for BTC is near $70,150, aligning with the 50% Fibonacci retracement level from the preceding downward move. Surpassing this could allow prices to target $70,550, and potentially $71,200.

Possible Downside Risks

If Bitcoin fails to overcome the $70,150 resistance, it may face another downturn. Immediate support is at $69,500, followed by strong support near $69,150 and $68,500. Extended losses may drive the price down toward the $67,500 level in the near future.

Conclusion

In conclusion, Bitcoin is at a critical juncture, fluctuating within key support and resistance levels. Traders should keep an eye on the $70,150 resistance and $69,500 support levels for potential breakout or breakdown scenarios. The overall market sentiment and technical indicators will play pivotal roles in Bitcoin’s upcoming price movements.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Ethereum (ETH) Whale Buys 25,000 ETH for $112.34M in USDC at $4,493 Following Fed 25bp Rate Cut

On September 18, COINOTAG News reported, citing LookIntoChain monitoring,...

Whale Profits $74.92M Scalping ETH — Buys 18,000 ETH with $80.77M USDC via Wintermute, Sparking Rebound to $4,600

COINOTAG reported on September 18 that on-chain analyst yujin...

BlockBeats: ‘Buddy’ Holds 20,400 ETH Longs — $4.23M Floating Profit Across ETH, PUMP & HYPE (Sep 18)

COINOTAG reported on September 18 that monitoring data from...

Vitalik Defends Ethereum’s 45-Day ETH Staking Withdrawal Rule: “Friction Upon Exit Is Inherent”

COINOTAG reported on September 18 that Ethereum co-founder Vitalik...

SEC Approves CBOE, Nasdaq and NYSE to Fast-Track Spot Bitcoin ETP Listings Under Universal Standards

COINOTAG reported Sept. 18 that the U.S. Securities and...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img