Bitcoin Bulls Push BTC Toward $70,000 with Levels to Watch Next
Bitcoin’s price continues to flirt with the $71,000 level during the US session but fails to sustain above it, signaling a potential reversal. As a result, Bitcoin is currently trading at the $70,250 level after a minor correction. In terms of fundamentals, the US job market is showing signs of weakness, with job openings falling for the second consecutive month to a three-year low. This decline in the labor market directly affects Bitcoin prices as it can lead to reduced consumer spending and economic uncertainty, prompting investors to turn to alternative assets like Bitcoin. Therefore, the Bitcoin price prediction suggests further bullish momentum as investors seek safer havens amidst economic concerns.
Bitcoin recently broke out from a symmetrical triangle pattern at the $69,000 mark, indicating the possibility of a continued bullish trend. The pivot point at $68,450 is a critical level to watch. Immediate resistance is identified at $71,200, followed by additional resistance levels at $71,900 and $72,600. The bullish engulfing candle on the 2-hour timeframe further supports the potential for upward movement. However, the Relative Strength Index (RSI) at 66.95 suggests overbought conditions, which may result in a short-term pullback.
On the downside, immediate support is found at $69,600. If this level fails to hold, significant support levels are at $68,450 (pivot point) and $67,500. The 50-day Exponential Moving Average (EMA) at $68,457 acts as a dynamic support level, reinforcing the pivot point. In conclusion, Bitcoin’s recent breakout and bullish candlestick pattern indicate the potential for continued upward movement. However, caution is advised due to the overbought RSI, which suggests a short-term correction may be on the horizon. Key levels to monitor include the pivot point at $68,450 and immediate resistance at $71,200.