Bitcoin has recently experienced a notable surge, surpassing the critical $65,500 resistance threshold. This upward momentum is being sustained as BTC consolidates its position, showcasing the potential to ascend further by breaking through the $68,000 resistance level.
- Bitcoin has surged over 7%, exhibiting strong upward momentum.
- The current trading price is above $66,500, maintaining its position above the 100-hourly Simple Moving Average.
- A bullish trend line has developed, providing support at $66,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- A breakthrough above the $68,000 resistance zone could trigger a further rally.
Bitcoin Price Surges Over 8%
The recent increase in Bitcoin’s price has been characterized by robust support, leading to a breakthrough above the $65,500 resistance level. BTC successfully surpassed the $66,500 resistance, entering a favorable trading zone. Notably, the cryptocurrency rallied beyond the $67,000 and $67,500 resistance marks, signaling strong bullish sentiment.
A brief downward correction saw the price dip to $64,500, forming a low at $64,686 before resuming its upward trajectory. The subsequent recovery saw BTC move past the $66,500 resistance level, climbing above the 50% Fibonacci retracement level from the $67,871 swing high to the $64,686 low. Currently, Bitcoin is trading above $66,000 and remains above the 100-hourly Simple Moving Average.
Potential Resistance Levels
On the upside, Bitcoin may encounter resistance around the $67,400 level. The primary resistance is positioned near $67,800, and a decisive move beyond this point could propel the price higher. The next significant resistance level is anticipated to be at $68,800.
If Bitcoin successfully closes above the $68,800 resistance, it may pave the way for additional gains, potentially testing the $69,500 resistance level. Further upward momentum could see the price approaching the pivotal $70,000 mark.
Another Decline in BTC?
Should Bitcoin struggle to surpass the $67,800 resistance zone, a potential decline may ensue. Immediate support is located near the $66,400 level and the accompanying trend line. The first major support level lies around $65,500, with subsequent support at the $64,500 zone. If losses continue, the price could descend toward the $63,200 support in the near term.
Technical Indicators
Key technical indicators are reflecting the current market dynamics:
- Hourly MACD: The MACD is presently gaining momentum within the bullish territory.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently positioned above the 50 level, indicating bullish sentiment.
- Major Support Levels: $66,400, followed by $65,500.
- Major Resistance Levels: $67,800, and $68,800.
