The Bitcoin market has been experiencing a robust upward trend, surpassing the critical $67,500 resistance zone. Currently, Bitcoin is stabilizing and seems poised to break the $68,350 resistance, which could pave the way for increased upward momentum in the cryptocurrency’s value.
Current Market Dynamics
- Bitcoin has sustained its position and extended its gains beyond the $68,000 threshold.
- The cryptocurrency is trading above $67,200, supported by the 100-hour Simple Moving Average.
- A bullish trend line is forming with support situated at $66,800 on the hourly BTC/USD chart (data source: Kraken).
- A potential rally could be in the cards if Bitcoin successfully closes above the $68,000 resistance zone.
Bitcoin Price Remains Supported for More Upsides
The Bitcoin price has consistently maintained its upward trajectory, breaking through the $67,500 resistance level and advancing into a positive trading zone. The cryptocurrency has not only crossed the $67,800 resistance mark but has also surged past the $68,000 and $68,200 benchmarks, highlighting its bullish momentum.
Recently, Bitcoin reached a high of $68,328 before entering a consolidation phase. The price experienced a slight dip below $68,000, testing the 23.6% Fibonacci retracement level of the upward move from the $64,686 swing low to the $68,328 high.
Currently, Bitcoin is trading above $67,200 and is supported by the 100 hourly Simple Moving Average. A connecting bullish trend line offers additional support at $66,800 on the hourly BTC/USD chart.
Potential Resistance Levels Ahead
Looking ahead, Bitcoin faces potential resistance around the $68,000 mark. The first significant resistance level is at $68,350. Successfully overcoming this barrier could propel the price higher, with the next resistance target set at $68,800.
If Bitcoin manages a close above the $68,800 resistance, it might trigger further gains. Under these circumstances, the price could ascend to test the $70,020 resistance level, and continued bullish momentum might even push it towards the $72,000 mark.
Another Drop In BTC?
Despite the current bullish outlook, there remains a possibility for a price decline if Bitcoin fails to breach the $68,000 resistance zone. The immediate support level on the downside is near $66,800, aligned with the trend line.
The first major support level rests around $66,500, coinciding with the 50% Fibonacci retracement level of the upward move from $64,686 to $68,328. Should further downward pressure prevail, Bitcoin could find additional support near $65,400 in the near term.
Technical Indicators
- Hourly MACD: The MACD is currently losing momentum within the bullish zone.
- Hourly RSI: The Relative Strength Index for BTC/USD is presently above the 50 level, indicating a bullish sentiment.
- Major Support Levels: Key supports are positioned at $66,800, followed by $65,400.
- Major Resistance Levels: Crucial resistance levels are at $68,000 and $68,350.
