Bitcoin price is showing some positive signs above the $68,500 resistance level. For BTC to continue rising in the near term, it will need to settle above the $70,000 resistance.
- Bitcoin is eyeing a steady rise above the $69,500 and $70,000 levels.
- The price is trading above $68,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trend line forming with support near $68,800.
- If it stays above the $68,000 support zone, it could start a further rise.
Bitcoin price maintains support
Bitcoin price began a significant rise above the $67,500 resistance zone. BTC cleared the $68,500 and $68,800 resistance levels to move into positive territory.
The price surged above the $70,000 resistance. A high was made near $70,300 and the price is currently correcting to the upside. There was a move below the $70,000 level. There was a move below the 23.6% Fib retracement level of the upward move from the $65,116 swing low to the $70,300 high.
Bitcoin is currently trading above $68,000 and the 100-hour simple moving average. Immediate resistance is near the $69,800 level. The first major resistance could be $70,000.
Source: TradingView.com BTCUSD
The next resistance level is currently at $70,300. If there is a clear move above the $70,300 resistance zone, the price could start a new rise. If specified, the price could go as high as $71,200. The next major resistance is near $72,000. If more gains occur, Bitcoin may head towards the $73,500 resistance zone in the near term.
Are dips limited in BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, a downward correction could begin. Immediate support for the downside lies near the $69,000 level or trendline.
The first major support is the 50% Fib retracement level at $67,800 or the rise from the $65,116 swing low to the $70,300 high. The next support is $66,500. If it closes below $66,500, the price could start to fall towards the $65,350 level. More losses could push the price towards the $62,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now close to the 50 level.
Key support levels – $68,800, then $67,800.
Key resistance levels – $69,800, $70,000 and $71,200.
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