Bitcoin’s price has again attempted to rise above the resistance level of $68,000. BTC may rally in the short term if it breaks through $67,500 or $68,000.
- After a modest rise, the Bitcoin price has risen above $65,000.
- Price is below the Simple Moving Average of 100 hours and $65,000.
- The hourly BTC/USD chart shows a bullish line with support of $65,900. (Data feed by Kraken)
- For a new rally to begin, both must break through the resistance level of $68,000.
Bitcoin Turns Green
The bitcoin price is still above its previous support level $64,000 resistance zone. BTC has climbed above resistance levels of $66,500 and 66,000. Bears were also active at the $67.500 and $68,000 resistance levels.
The price has now reached a new high near $66,614; it is consolidating its gains. This is currently trading at the 23.6% level for the retracement from the 62,614 swing-low to the $67.614 high. Bitcoin has now traded above $65,000. 100 hourly Simple moving average.
A key bullish line is also developing with the support of $65,900 in the BTC/USD hourly chart. Near the level of $67.500, there is immediate resistance. The initial major resistance might be around $68,000.
Source: BTCUSD on TradingView.com
Price could gain momentum if the clear resistance zone of $68,000 is broken. The price may even break through the resistance level of $69,0200 in the short term. The price could also break the $69,0200 barrier in the short term. next The key resistance for the first year is $70,00.
BTC: Another drop in the BTC price?
Bitcoin’s next decline could be triggered if the currency fails to move above $68,000. The trendline and $66,000 are the immediate support levels on the downside.
The major support at $65,200 is the Fib 50% retracement of the move up from the swing-low $62,614 and the $67.614 high. The next Support is at $63,800. Price could drop to $61,200 if the close is below $63,800. If the price continues to drop, it could soon reach the support level at $60,500.
Indicators of 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 60 level.
Major Support Levels – $65,900, followed by $63,800.
Major Resistance Levels – $67,500, $68,000, and $69,200.
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