This article is also available in Spanish.
Bitcoin price rose above the $67,000 resistance zone. BTC is now consolidating, targeting gains above the $68,350 resistance.
- Bitcoin maintained steady and extended gains above the $67,500 area.
- The price is trading above $67,400 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a key bullish trendline with support at $67,400.
- A close above the $68,200 resistance zone could push the pair higher.
Bitcoin price to watch for further gains
Bitcoin price maintained support above the $67,000 pivot zone. BTC remained range-bound and bulls were active above the $66,500 level. There was a slight decline from the previous high of $68,328.
The price fell below $67,000. It fell below the 23.6% Fib retracement level of the upward move from the $64,685 swing low to the $68,328 high. However, the bulls remained active above the $66,500 level. There is also a major bullish trendline with support at $67,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is currently trading above $67,200 and the 100-hour simple moving average. On the other hand, the price may face resistance near $68,000. The first major resistance is near the $68,200 level. A clear break above the $68,200 resistance level could push the price higher. The next major resistance could be $68,850.
A break above the resistance level of $68,850 could lead to further gains. If stated, the price could move higher to test the resistance level of $71,650. Any more profits could push the price towards the $72,000 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, another decline could begin. Immediate support for the downside is near the $67,200 level and trendline.
The first major support is near the $66,500 level and the 50% Fib retracement level of the rise from the $64,685 swing low to the $68,328 high. The next support level is now near $66,000. Any more losses could lead the price towards the $65,500 support 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 – $67,200, then $66,500.
Key resistance levels – $68,000 and $68,200.