Bitcoin price is up more than 8% and is trading above the $67,500 resistance level. BTC is hitting new all-time highs and may reach the $70,000 level.
- Bitcoin price is rising above the $66,500 support zone.
- The price is trading above $67,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bullish trendline attached with support at $66,000.
- The pair could rise to the $69,200 resistance level or even $70,000.
Bitcoin price rebounds again
Bitcoin price remained above the $65,000 support area. A new support base was formed and the price crossed the $66,000 level to begin another uptrend. It steadily increased to the $67,500 level.
The price rose by more than 8% and was trading close to an all-time high. A high was formed at $68,786 and the price is currently consolidating gains above the 23.6% Fib retracement level rising from the $61,400 swing low to the $68,786 high.
Bitcoin is currently trading above $67,500 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a connecting bullish trendline with support at $66,000.
Source: TradingView.com BTCUSD
Immediate resistance is near the $68,800 level. The next major resistance could be $69,200, above which the price could rise towards the $70,000 resistance zone. A clear break above the $70,000 resistance zone could push the price towards the $71,200 level. If more profits are made, the price could rise to the $75,000 level.
Fixing BTC’s shortcomings?
If Bitcoin fails to rise above the $68,800 resistance zone, another downward correction could begin. Immediate support for the downside is near the $67,000 level.
The first major support is at $66,000 or the trend line. If the close is below $66,000, the price could begin a significant decline towards the 50% Fib retracement level from the $61,400 swing low to the $68,786 high or $65,000. Any more losses could lead the price towards the $63,200 support area.
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 – $67,000, then $66,000.
Key resistance levels – $68,800, $69,200 and $70,000.
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