Bitcoin faced resistance near the $71,650 mark, prompting a downward correction in its price movement. As of the latest data feed from Kraken, BTC is now consolidating and may seek support around the $69,500 level.
The cryptocurrency struggled to sustain its momentum above $71,500 and initiated a corrective phase. Notably, a crucial bullish trend line was breached with support at $70,650 on the hourly chart of the BTC/USD pair.
While Bitcoin remains above $70,000 and the 100 hourly Simple Moving Average, a move below the $70,000 level could trigger further declines. The immediate support is anticipated near $69,500, followed by the $68,500 zone.
On the upside, Bitcoin might face hurdles near $71,200 and $71,650. Only a clear breakthrough above the $71,650 resistance could pave the way for a bullish continuation towards the $72,000 and $73,200 levels. However, failure to surpass the $71,200 resistance may result in sustained downside pressure.
