Bitcoin price is again attempting to break above the $68,000 resistance zone. A rally could occur if BTC clears $67,500 and $68,000 in the near term.
- The price of Bitcoin is starting to rise quite a bit, above $65,000.
- The price is trading below $65,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline with support at $65,900.
- Both would need to break through the $68,000 resistance area to start a new rally.
Bitcoin price turns green
Bitcoin price maintained support above the $64,000 resistance zone. BTC rose above the $66,500 and $66,000 resistance levels. However, the bears were actively trading near the $67,500 and $68,000 levels.
The highest price was reached near $67,614 and the price is currently on an upward trend. It is trading near the 23.6% Fib retracement level, rising from the $62,614 swing low to the $67,614 high. Bitcoin is currently trading above $65,000 and the 100-hour simple moving average.
There is also a major bullish trendline with support at $65,900 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $67,500 level. The first major resistance could be at $68,000.
Source: TradingView.com BTCUSD
If there is a clear move above the $68,000 resistance zone, the price may continue to strengthen. If indicated, the price may clear the $69,0200 resistance area in the near term. The next major resistance level is $70,000.
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 $66,000 level and trend line.
The first major support is the 50% Fib retracement level at $65,200 or the rise from the $62,614 swing low to the $67,614 high. The next support level is $63,800. If it closes below $63,800, the price could start to fall towards the $61,200 level. More losses could push the price towards the $60,500 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 above the 60 level.
Key support levels – $65,900, then $63,800.
Key resistance levels – $67,500, $68,000 and $69,200.
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