Bitcoin’s price is showing signs of a potential upward trend as it attempts to break through the $67,000 zone. With the possibility of gaining momentum, BTC may see a significant increase if it surpasses the crucial $68,750 resistance level.
- Bitcoin initiated a fresh upward movement from the $65,500 area.
- The cryptocurrency is currently trading above $67,200 and maintaining its position above the 100-hourly simple moving average.
- A bullish trend line is forming, offering support at $67,400 on the hourly chart for the BTC/USD pair (data source: Kraken).
- The pair might witness increased bullish momentum if it clears the $68,750 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin’s price recently found robust support near the $65,500 region. The cryptocurrency’s value touched a low at $65,531 before embarking on a new upward journey, surpassing the $66,200 resistance mark. The price escalated beyond the $67,000 and $67,500 thresholds, indicating a positive trend.
This upward movement was marked by a climb above the 61.8% Fibonacci retracement level, which mapped the downward trajectory from the $68,699 swing high to the $65,531 low. Additionally, the chart reveals the presence of a bullish trend line offering support at $67,400 on the hourly chart for the BTC/USD pair.
Currently, Bitcoin is trading above the $67,200 mark and remains above the 100-hourly simple moving average. On the upside, the cryptocurrency might encounter resistance near the $68,000 level, closely aligning with the 76.4% Fibonacci retracement level of the prior downward move.
The first significant resistance appears near the $68,500 level. A decisive breakthrough above this resistance may propel the price further upward. The next substantial resistance level is anticipated to be around $68,750.
A confirmed close above the $68,750 resistance could potentially trigger additional gains. In this scenario, Bitcoin might aim to challenge the $69,200 resistance level, and any further upward movement could push the price toward the $70,000 mark, with potential targets extending to the $71,200 resistance level.
Possible Decline in BTC?
Should Bitcoin struggle to overcome the $68,000 resistance zone, there is a possibility of a renewed decline. Immediate support on the downside is situated near the $67,400 level, alongside the trend line.
The initial major support is located around the $67,200 zone, while the subsequent support is positioned near the $66,250 area. Any further losses could drive the price closer to the $66,000 support level in the short term.
Technical Indicators
- Hourly MACD: The MACD is currently decelerating in the bullish territory.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level, suggesting a bullish trend.
- Major Support Levels: $67,400, followed by $67,200.
- Major Resistance Levels: $68,000, and $68,750.
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