Bitcoin price is again attempting a break above the $68,000 resistance zone. BTC could rise if it reaches $67,500 and $68,000 in the near term.
- Bitcoin price started a decent rise above the $65,000 zone.
- The price is trading below $65,000 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support at $65,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $68,000 resistance zone to begin a new rally.
Bitcoin Price Turns Green
Bitcoin price remained supported above the $64,000 resistance zone. BTC rose above the $66,500 and $66,000 resistance levels. However, bears were active near the $67,500 and $68,000 levels.
A rally was formed near $67,614 and the price is now consolidating gains. It is trading near the 23.6% Fibonacci retracement level of the upward move from the low of $62,614 to the high of $67,614. Bitcoin is now trading above $65,000 and the 100 hour simple moving average.
There is also a bullish trend line forming with support at $65,900 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $67,500 level. The first major resistance could be at $68,000.
Source: BTCUSD on TradingView.com
If there is a clear move above the $68,000 resistance zone, the price could continue to gain strength. In the stated case, the price could even surpass the $69.0200 resistance zone in the short term. The next key resistance lies at $70,000.
Another decline in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could begin another decline. Immediate downside support is near the $66,000 level and trendline.
The first major support is $65,200 or the 50% Fib retracement level of the upward movement from the $62,614 swing low to $67,614 high. The next support is at $63,800. If there is a close below $63,800, the price could begin a decline towards the $61,200 level. Further losses could send the price towards the $60,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level.
Key support levels – $65,900, followed by $63,800.
Main resistance levels – $67,500, $68,000 and $69,200.
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