The bitcoin price started to rise again after finding support at $67,000. BTC has risen above $69500, and could continue to increase in the short term.
- Bitcoin has started to rise steadily above the resistance levels at $68,500 & $69,500.
- Above the 100-hour Simple Moving Average and above $68,500, price has traded.
- On the hourly chart for the BTC/USD, there was a breakout above the key trendline with a resistance of $68,000 (data from Kraken).
- It is possible that the pair will gain bullish momentum once it reaches a level above $69500.
The Bitcoin price remains stable
Bitcoin Price extended its decline Below the level of $67,200. BTC recently began a new rise after testing the $66,650 level. It was clear that the resistance level of $68,500 had been broken.
The hourly chart for the BTC/USD showed a breaking above a bearish trendline that had resistance at $68,000. Even the resistance level of $69,500 was broken and the pair spiked over $70,000. Price is correcting after reaching a new high at $70.253.
A move was made below $69,500. Price dropped below the Fib level that represents the 23.6% retracement of the move upward from the swing low at $67,283 to the high price at $70,253.
Bitcoin now trades above $68.500 100 hourly Simple moving average. It also holds gains above 50% Fib of the upward movement from the swing-low $67.283 to $70.253 high. Price is currently facing some resistance above the $69200 mark.
The initial resistance might be around $69,550. The first major resistance could be $69,550. next Key resistance may be around $70,200. The price could rise if it moves above $70,200. Price could test resistance at $70.600 in the case stated. BTC may continue to rise and test the $72,000 level.
BTC to decline again?
Bitcoin’s next decline could be triggered if the price fails to break through $69500. Support for the immediate downside lies near $68,750.
First, you will receive $68,400. The amount of the first major contribution is $68400. next Support is now developing near $68,000. In the short term, any further losses could send the price towards the support zone of $67.200.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $68,400, followed by $68,000.
Major Resistance Levels – $69,500, and $70,000.
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Source: www.newsbtc.com