Bitcoin (BTC) Price Consolidation Hints at Breakout: Will $72K Resistance Hold?
- Bitcoin approaches the key supply zone with 273,000 BTC held between $70,180-$70,600.
- Bitcoin’s RSI indicates a neutral market; with potential for price stabilization or rally.
- Support at $69,000 holds strong, suggesting a possible continued upward trend.
Bitcoin’s (BTC) price has experienced a slight downturn in the past 24 hours, failing to surpass the $71,426 resistance level.
Despite this, the cryptocurrency faces minimal resistance as it approaches a significant supply zone between $70,180 and $70,600, where over 450,000 addresses have purchased approximately 273,000 BTC.
BTC chart (source: X)
The robust support levels established below this zone reinforce the potential for bullish momentum to prevail, even amidst market fluctuations.
Bitcoin Price Consolidations
The recent market behavior shows Bitcoin’s price consolidating near critical resistance levels, with the $70,180 to $70,600 range being the pivotal zone for future price actions.
According to the 1-hour price chart, this consolidation phase could either lead to a breakout above the resistance or a temporary pullback if the resistance holds strong. The repeated tests of this ra…
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