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Home»EXCHANGE NEWS»Bitcoin Price with More Rising Potential: Can It Continue Rising?
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Bitcoin Price with More Rising Potential: Can It Continue Rising?

By Crypto FlexsOctober 19, 20242 Mins Read
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Bitcoin Price with More Rising Potential: Can It Continue Rising?
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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.

Source: TradingView.com BTCUSD

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.

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