Bitcoin price started a decent rise above the $68,000 zone. BTC is now showing positive signs and could rise further if it clears $69,250.
- Bitcoin gained speed and rose above the $67,500 and $68,000 levels.
- The price is trading above USD 68,500 and the 100 hourly moving average.
- There was a break above a bearish trendline with resistance at $67,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it stays below the $69,250 and $69,500 levels.
Bitcoin price is gaining traction
Bitcoin price managed to climb higher above the USD 67,250 resistance zone. BTC gained pace and rose above the USD 67,500 and USD 68,000 levels.
There was a break above a bearish trendline with resistance at $67,650 on the hourly chart of the BTC/USD pair. The pair even climbed above $69,000. A high is formed at $69,256, and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $65,688 swing low to the $69,256 high.
Bitcoin is now trading above $68,000 and the 100 hourly moving average. If the price remains stable above $68,500, another move up could be attempted. Immediate resistance is near the $69,250 level.
The first major resistance is near the $69,500 level. A close above the USD 69,500 resistance could send the price higher. In the mentioned case, the price could rise and test the USD 70,000 resistance. Any further gains could send the price towards the USD 71,500 level. The next barrier for the bulls could be $72,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 69,250 resistance zone, it could trigger another decline. Immediate support is near the $68,800 level. The first major support is near the $68,500 level.
The next support now lies near the $67,500 zone or the 50% Fib retracement level of the upward move from the $65,688 swing low to the $69,256 high. Any further losses could send the price towards the USD 67,000 support in the near term. The key support now lies at $66,500, below which BTC could struggle to recover 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 – USD 68,500, followed by USD 68,000.
Major resistance levels – $69,250 and $69,500.