Bitcoin Price Prediction: BTC Can't Seem to Break $73K or $70K, Where Does the Price Go From Here?

Bitcoin has just been rejected by resistance and is currently consolidating around an important support zone of $70,500. As identified by Ash Crypto, it is currently probing this important support zone. The next support zones are at $67,000 and $65,000 respectively.

The broader picture has not changed. The BTC price is still trading in a sideways range, and it will keep moving based on whatever headlines drop next. Right now, the headlines are not great.

Bitcoin 4-hour chart is flashing neutral to bearish

We had a look at the chart shared by Ash Crypto, and the rejection is clear. The BTC price hit a high near $71,450 before rolling over to a low of $70,505. It is now trading at $70,661, down 0.59% on the session. 

The resistance zone above sits between $71,500 and $72,000. The BTC price tried to break it twice in the last week and failed both times. Now the price is gradually dropping towards the support zone around $70,500. Underneath, there is an area of white space from $69,000 to $68,000, and then again until $67,000.

The 4-hour structure is neutral to bearish in the short-term. Lower highs are forming, and each bounce gets weaker than the last. Volume is light, which tells us there is no panic selling yet, but there is also no aggressive buying. The BTC price is simply floating downward inside a range that has held for weeks. The top of that range is near $73,000. The bottom is near $67,000 to $65,000.

Why Bitcoin is dropping right now

Geopolitics is the main factor behind this move. The U.S. and Iran’s ceasefire negotiations have failed. Besides, President Donald Trump ordered the closure of the Strait of Hormuz. This was a significant development.

Oil markets reacted first, and risk assets like Bitcoin followed. The BTC price is acting like a macro asset now, not an isolated crypto trade. When geopolitical tensions rise, the BTC price tends to drop with stocks and other risk-on assets.

The Fear and Greed Index stands at 43 points, which is neutral territory. The bears aren’t frightened enough to make a bottom, but greed hasn’t risen enough to create a top either. Spot market interest is low, and the ETF flow that made the recent move possible are lacking.

The SEC's CLARITY Act roundtable on April 16 is one event to watch. That could shift sentiment depending on what comes out of it. But until then, the BTC price is at the mercy of headlines.

Where the BTC price goes from here

The first line to look out for will be the range between $70,000 and $70,500. As long as BTC stays above the support range, we could have a test for the resistance level at $73,000.

However, should BTC fall below $70,000, the next targets will be $67,800, $67,000, and finally $65,000. Ash Crypto marked those levels for a reason. They are the major support zones from the previous consolidation range.

Bitcoin is going to be influenced by whatever appears first. As long as this is the case, the $70,000 and $73,000 levels of support and resistance respectively will remain valid. CoinCodex’s 1-month BTC price prediction  puts its price level at $74,458, which is higher than its current value of $70,600.