Bitcoin price extended gains above the $68,000 resistance level. BTC bulls appear to be in action and could be eyeing a move towards the $70,000 level.
- Bitcoin started a fresh increase above the $66,500 resistance zone.
- The price is trading above $66,500 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $66,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains and trade above the $68,800 resistance zone.
Bitcoin Price Rises Further
Bitcoin price remained well supported above the Resistance levels at $65,500 and $66,000. BTC started a fresh increase and was able to overcome the resistance of $66,500.
There was a clear move above the $67,200 level and the price climbed above the $68,000 level. A high was formed at $68,531 and the price is now consolidating gains. There was a move towards the 23.6% Fib retracement level of the upward move from the $65,857 low to $68,531 high.
Bitcoin price is now trading above $66,500 and the 100-hour simple moving average. There is also a bullish trend line forming with support at $66,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $65,857 swing low to $68,531 high.
If there is a fresh increase, the price could face resistance near the $68,500 level. The first key resistance is near the $68,800 level. A clear move above the $68,800 resistance could trigger another increase in the coming sessions.
The next key resistance could be at $69,500. The next major hurdle is at $70,000. A close above the $70,000 resistance could push the price further up. In this case, the price could move higher and test the $72,000 resistance.
Are dips limited in BTC?
If Bitcoin fails to climb above the $68,500 resistance zone, it could start a downside correction. The immediate support on the downside is near the $67,600 level.
The first major support is at $67,200. The next support is now near $66,500 and the trendline. Any more losses could send the price towards the $65,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $67,200, followed by $66,500.
Key Resistance Levels – $68,500 and $68,800.