Bitcoin price extended gains above the USD 68,000 resistance level. BTC bulls appear to be taking action and could aim for a move towards the $70,000 level.
- Bitcoin started a new rise above the USD 66,500 resistance zone.
- The price is trading above USD 66,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $66,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains and trade above the $68,800 resistance zone.
Bitcoin price continues to rise higher
Bitcoin price remained well supported above the USD 65,500 and USD 66,000 resistance levels. BTC started a new increase and was able to clear the USD 66,500 resistance.
There was a clear move above the USD 67,200 level and the price even climbed above the USD 68,000 level. It reached a high at $68,531 and the price is now consolidating gains. There was a move towards the 23.6% Fib retracement level of the upward move from the $65,857 swing low to the $68,531 high.
Bitcoin price is now trading above $66,500 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $66,500 on the hourly chart of the BTC/USD pair. The trendline is close to the 61.8% Fib retracement level of the upward move from the $65,857 swing low to the $68,531 high.
If there is a new increase, the price may encounter resistance near the USD 68,500 level. The first major resistance is around the $68,800 level. A clear move above the USD 68,800 resistance could lead to another increase in the coming sessions.
The next major resistance could be at USD 69,500. The next big hurdle is at $70,000. A close above the USD 70,000 resistance could push the price further. In the mentioned case, the price could rise and test the USD 72,000 resistance.
Are dips limited in BTC?
If Bitcoin fails to climb above the USD 68,500 resistance zone, a downward correction could occur. The immediate downside support is near the $67,600 level.
The first major support is at $67,200. The next support is now near $66,500 and the trendline. Any further losses could send the price towards the $65,500 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 – USD 67,200, followed by USD 66,500.
Major resistance levels – $68,500 and $68,800.