Bitcoin price started a new increase above the USD 68,000 resistance. BTC is now rising and could rise towards the $70,000 resistance zone.
- Bitcoin formed a base and started a new rise above the $68,000 resistance zone.
- The price is trading above USD 68,500 and the 100 hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $68,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate higher towards the USD 70,000 and USD 70,800 levels in the near term.
Bitcoin price could soon retest $70,000
Bitcoin price remained in a positive zone above the USD 65,500 resistance zone. BTC has breached the USD 66,800 and USD 67,500 levels to move further into a positive zone. The bulls even pushed the price above the USD 68,000 resistance.
There was a break above a key bearish trendline with resistance at $68,200 on the hourly chart of the BTC/USD pair. The pair gathered pace for a move above the 76.4% Fib retracement level of the downside move from the $69,398 swing high to the $66,6274 low.
Bitcoin price is now trading above $68,500 and the 100 hourly Simple Moving Average. If the price continues to rise, resistance could emerge near the USD 69,800 level.
The first major resistance is near the $70,000 level or the 1.236 Fib extension level of the downward move from the $69,398 swing high to the $66.6274 low. A clear move above the USD 70,000 resistance could push the price further higher in the coming sessions.
The next major resistance could be at USD 70,800. The next big hurdle is at $71,200. A close above the resistance at $71,200 could trigger bullish moves. In the mentioned case, the price could rise and test the USD 72,000 resistance.
Are dips limited in BTC?
If Bitcoin fails to recover above the $70,000 resistance zone, it could trigger another decline. The immediate downside support is near the $68,750 level.
The first major support is $68,000. The next support is now near $67,250 and the 100 hourly Simple Moving Average. Any further losses could send the price towards the $66,500 support zone in the near 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 – $68,750, followed by $68,000.
Major resistance levels – $69,800 and $70,000.
