Bitcoin’s price rises above the $67,000 resistance zone. BTC is now consolidating and targeting more gains above the USD 68,350 resistance.
- Bitcoin held steady and extended gains above the $67,500 zone.
- The price is trading above USD 67,400 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if a close above the $68,200 resistance zone.
Bitcoin price has more advantages
Bitcoin price remained supported above the USD 67,000 pivot zone. BTC remained range-bound and the bulls were active above the $66,500 level. There was a small pullback from the last high of $68,328.
The price fell below the $67,000 level. There was a decline below the 23.6% Fib retracement level of the upward move from the $64,685 swing low to the $68,328 high. However, the bulls were active above the USD 66,500 level. A major bullish trendline is also forming with support at $67,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $67,200 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 68,000 level. The first major resistance is near the $68,200 level. A clear move above the USD 68,200 resistance could push the price higher. The next major resistance could be $68,850.
A close above the resistance at $68,850 could lead to more gains. In the said case, the price could rise and test the USD 71,650 resistance level. Any further gains could send the price towards the USD 72,000 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could trigger another decline. The immediate downside support is near the $67,200 level and the trendline.
The first major support is near the $66,500 level and the 50% Fib retracement level of the upward move from the $64,685 swing low to the $68,328 high. The next support is now near the $66,000 zone. Any further losses could send the price towards the USD 65,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 67,200, followed by USD 66,500.
Major resistance levels – $68,000 and $68,200.