Bitcoin is currently on an upward trajectory, maintaining its position above the $70,000 resistance level. To continue its upward movement, the cryptocurrency will need to surpass the $71,500 resistance level soon. What specific levels should investors keep an eye on at this point?

Critical Levels to Monitor for Bitcoin

The BTC/USD pair is in a positive zone above $66,500, trading above $70,000 and the 100-hour Simple Moving Average. An uptrend line with support at $68,500 suggests the potential for further gains. Recently, Bitcoin broke the $68,800 resistance, reaching a new high at $71,557, before experiencing a slight pullback.

On the downside, key support levels are at $69,000, $68,500, and $67,000. Failure to hold above $68,500 could lead to a decline towards $66,000 in the near term.

The immediate resistance level is $70,800, with further gains possible upon surpassing $71,500. Potential targets include $72,500 and $73,500.

Potential Downward Movement in BTC Could Bring These Levels into Play

Bitcoin's inability to break above $71,500 raises questions about a potential decline in the near future. The current support level is $70,000, with major support levels at $69,000 and $68,500. If $68,500 is breached, a decline towards $67,000 is likely.

Technical indicators show the hourly MACD losing bullish momentum, while the RSI remains above 50. Noteworthy resistance levels include $70,500, $71,500, and $73,500.

The information was originally posted on COINTURK NEWS: Key Levels to Watch for Bitcoin’s Price Action