Bitcoin price rose further above the $67,500 resistance zone. BTC is now consolidating and could overcome the $68,350 resistance to continue rising.
- Bitcoin remained stable and extended gains above the $68,000 zone.
- The price is trading above $67,200 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if there is a close above the $68,000 resistance zone.
Bitcoin Price Remains Supported by More Upside
Bitcoin price remained supported and extended its rise above the level Resistance at $67,500. BTC surpassed the $67,800 resistance to enter a positive zone. The price even rose above the $68,000 and $68,200 resistance levels.
The price traded as high as $68,328 and is currently consolidating gains. There was a small decline below the $68,000 level. The price fell and tested the 23.6% Fibonacci retracement level of the upward move from the $64,686 swing low to $68,328 high.
Bitcoin price is now trading above $67,200 and the 100 hour simple moving average. There is also a bullish trend line forming with support at $66,800 on the hourly chart of the BTC/USD pair.
On the upside, the price may face resistance near the $68,000 level. The first key resistance is near the $68,350 level. A clear move above the $68,350 resistance could push the price higher. The next key resistance could be at $68,800.
A close above the $68,800 resistance could initiate further gains. In this case, the price could rise and test the $70.0200 resistance level. Any further gains could send the price towards the $72,000 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could begin another decline. Immediate downside support is near the $66,800 level and trendline.
The first major support is near the $66,500 level and the 50% Fibonacci retracement level of the upward movement from the $64,686 low to $68,328 high. The next support is now near the $66,500 zone. Further losses could send the price towards the $65,400 support 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 50 level.
Key support levels – $66,800, followed by $65,400.
Main resistance levels – $68,000 and $68,350.