Bitcoin price found support at $67,000 and started a new rise. BTC has risen above $69,500 and may continue to rise in the near term.
- Bitcoin began a significant rise above the $68,500 and $69,500 resistance levels.
- The price is trading above $68,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $68,000.
- A stabilization above the $69,500 level could provide bullish momentum.
Bitcoin price still maintains traction
Bitcoin price continued its downward trend below the $67,200 level. BTC retested the $66,650 area and recently started a fresh hike. There was a clear move above the $68,500 resistance zone.
On the hourly chart of the BTC/USD pair, a breakout occurred above the main bearish trend line with resistance at $68,000. The pair passed the $69,500 resistance area and surged above $70,000. A high was formed at $70,253 and the price is currently correcting to the upside.
There was a move below the $69,500 level. The price fell below the 23.6% Fib retracement level, rising from the $67,283 swing low to the $70,253 high.
Bitcoin is currently trading above $68,500 and the 100-hour simple moving average. It is also holding gains above the 50% Fib retracement level rising from the $67,283 swing low to the $70,253 high. On the other hand, the price is finding resistance near $69,200.
The first major resistance could be at $69,550. The next major resistance could be $70,000. A clear break above the $70,200 resistance level could push the price higher. If indicated, the price could move higher to test the $70,600 resistance. Any more gains could push BTC towards $72,000 resistance.
Another drop in BTC?
If Bitcoin fails to rise above the $69,500 resistance zone, another decline could begin. Immediate support for the downside is near the $68,750 level.
The first major support is $68,400. The next support is currently forming near $68,000. More losses could lead the price towards the $67,200 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $68,400, then $68,000.
Key resistance levels – $69,500 and $70,000.