Bitcoin price remained below the $68,500 resistance zone. BTC is consolidating its gains and could target a fresh upward move in the near term.
- Bitcoin has started a consolidation phase below the $68,500 resistance zone.
- The price is trading above $66,800 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains and trade above the $68,500 resistance zone.
Bitcoin Price Holds Gains Above $67K
Bitcoin price extended its rise above the Resistance levels at $66,500 and $67,000. BTC even climbed above the $68,000 level before the bears stepped in. It seems that the bears are active near the $68,500 level.
The recent high was formed near the $68,240 level and the price is slowly declining. There was a move below the $67,500 level. The price fell below the 50% Fib retracement level of the upward move from the $66,600 swing low to $68,240 high.
Bitcoin price is now trading above $66,800 and the 100-hour simple moving average. There is also a bullish trend line forming with support at $62,200 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 $66,600 swing low to $68,240 high.
If there is a fresh increase, the price could face resistance near the $68,250 level. The first key resistance is near the $68,500 level. A clear move above the $68,500 resistance could trigger another increase in the coming sessions.
The next key resistance could be at $68,800. The next major hurdle is at $69,200. A close above the $69,200 resistance could push the price further higher. In this case, the price could move up and test the $70,000 resistance.
Are dips supported in BTC?
If Bitcoin fails to climb above the $68,250 resistance zone, it could start a downside correction. The immediate support on the downside is near the $67,200 level.
The first major support is at $66,600. The next support is now near $66,000. 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 losing momentum 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 $66,600.
Key Resistance Levels – $68,200 and $68,500.