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Bitcoin price is trying to make a new surge above the $37,000 zone. BTC could gain momentum if it breaks the USD 68,800 resistance zone.
- Bitcoin started a new increase from the $65,200 zone.
- The price is trading above USD 67,500 and the 100 hourly Simple Moving Average.
- A new connecting bullish trendline is forming with support at $67,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks the $68,800 resistance zone.
Bitcoin price starts to rise again
Bitcoin price found support near the $65,200 zone. A low was formed at $65,199 and the price started a fresh rise above the $67,000 resistance.
The price climbed above the USD 67,500 and USD 68,000 levels. It even reached the $68,500 level. It reached a high at $68,794 and the price is now consolidating gains. There was a small decline below the $68,000 level. The price fell below the 23.6% Fib retracement level of the upward move from the $65,199 swing low to the $68,794 high.
Bitcoin price is now trading above $67,500 and the 100 hourly Simple Moving Average. A new connecting bullish trendline is also forming with support at $67,450 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the $68,250 level. The first major resistance is around the $68,500 level. A clear move above the USD 68,500 resistance could push the price higher. The next major resistance could be at USD 68,800.
A close above the $68,800 resistance could lead to more gains. In the said case, the price could rise and test the USD 69,500 resistance level. Any further gains could send the price towards the USD 70,000 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 68,500 resistance zone, it could trigger another decline. The immediate downside support is near the $67,800 level.
The first major support is near the $67,500 level and trendline. The next support now lies near the $67,000 zone and the 50% Fib retracement level of the upward move from the $65,199 swing low to the $68,794 high. Any further losses could send the price towards the USD 66,000 support in the short 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.
Major support levels – USD 67,500, followed by USD 67,000.
Major resistance levels – $68,500 and $68,800.
