Bitcoin is currently being traded at $69,300, slightly above the pivot point of $68,550 as indicated by the green line on the chart, hinting at a potential bullish Bitcoin price forecast.
This pivot point serves as a critical support level, backed by an upward trendline. Immediate resistance is observed at $69,950, with additional resistance levels at $71,000 and $72,000. On the downside, support levels are identified at $67,600 and $66,600.
The Relative Strength Index (RSI) stands at 32, signaling an oversold condition. This implies that the selling pressure might be diminishing, potentially leading to a bullish turnaround above the $68,550 threshold. The 50-day Exponential Moving Average (50 EMA) is positioned at $70,358 and is currently functioning as a resistance level.
