Key Takeaways:
Bitcoin price is consolidating gains below the $70,000 resistance. BTC/USD is still holding gains above a crucial parabolic curve with support at $60,000 on the weekly chart. The price must stay above $60,000 to avoid a major bearish break.Bitcoin price is struggling to start a fresh increase above $70,000. However, BTC/USD is still holding the key uptrend support at $60,000.
Bitcoin Price Holds Uptrend Support
After trading to a new all-time high at $73,666, Bitcoin price started a downside correction. There was a drop of over $10,000 and the price declined below the $65,000 support. It even dragged many cryptocurrencies into the red zone, including Ethereum, Solana, XRP, BNB, and DOGE.
The last three weekly candles suggest BTC is struggling to start a fresh increase above the $68,000 and $70,000 resistance levels. However, it is still holding gains above a crucial parabolic curve with support at $60,000 on the weekly chart and trading well above the 50-week simple moving average (blue).
Bitcoin price weekly chart | Source: BTC/USD on TradingView.comThe current price action indicates that Bitcoin price might continue to consolidate below the $70,000 resistance zone. There could be a couple of nasty drops, but the bulls might remain active near the $60,000 support zone.
Immediate support is seen near the $62,000 level. The first major support is near the $61,200 level. The main uptrend support is now forming near the parabolic curve at $60,000. It is close to the 23.6% Fib retracement level of the key increase from the $15,487 swing low to the $73,666 high.
A downside break and a weekly close below the parabolic curve might spark a major bearish move. In the stated case, BTC might correct lower toward the $50,000 support zone.
The next major support could be $44,500 or the 50% Fib retracement level of the key increase from the $15,487 swing low to the $73,666 high, below which the bears might push the price toward the 50-week simple moving average (blue) at $38,000.
Another Increase In BTC?
Conversely, Bitcoin price might stay above the $60,000 support and start another increase. On the upside, BTC is facing resistance near the $67,000 level.
The first major resistance is near the $68,000 level. The main breakout zone now sits at $70,000. A close above the $70,000 resistance could initiate a steady increase. In the stated case, the bulls could aim for a new all-time high above $73,500. The next stop for them might be $75,000.
Overall, Bitcoin is showing a few bearish signs below the $68,000 and $70,000 levels. However, BTC could start another increase unless there is a weekly close below $60,000.
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