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Bitcoin price started a decent increase over $68,000, which was just shy of $6,000,000. $BTC has been building up over $66,250, and could look for more gains above $68,800.
- Bitcoin started a fresh increase after it settled above the $67,200 support.
- The price is trading above $67,200 and the 100 hourly simple moving average.
- There is a new bearish trend line forming with resistance at $68,000 on the hourly chart of the
$BTC
/USD pair (data feed from Kraken).
- The pair might dip again if it trades below the $66,500 and $66,250 levels.
Bitcoin Price Dips To Support
Despite the price of Bitcoin, it formed a base above the $66,500 zone. $BTC began a new boom and could break the $68,000 resistance zone, which was under pressure from $BCTC.
But it did even re-uplift over the $68,800 resistance. At the end, the bears appeared near $70,000. A $70,000 high was set up, and the price recently corrected some gains. Under the 38, there was a move below . The move from the $62,500 swing low to $70,000 high was retracement level of 2% Fib in its upward movement, which is about a third-largest and most important for s.
Now Bitcoin is trading more than $67,000 and the 100 hourly simple moving average has been averaging over $6,000. if the price is still above $67,000, it could try to push for a new hike. The $68,000 level is near the immediate resistance of Immediate resistance. Similarly, there is also a new bearish trend line that has been formed with resistance at $68,000 on the hourly chart of the $BTC/USD pair.
The introductory key resistance is near the $68,250 level of . But a close over the $68,250 resistance could push the price further up. Similarly, in the case of s, price could rise and test the $69,500 resistance. Any further gains could push the price toward the $70,000 mark. The bulls could face $70,500 and $71,200 as their next barrier.
Downside Continuation In $BTC ?
If Bitcoin doesn’t rise above the $68,000 resistance zone, it could be another decline if it isn’T just shy of that. Near the $67,000 level, immediate support is on the heels of immediate support. This support is largely close to the $66,250 level, or at least 50% Fib retracement level of this upward move from the $2,500 swing low to its $70,000 high.
Now, the next support is near the $65,500 zone for a . If any more losses could go the price for a $65,000 support in the near term, however, would be higher. This is now the main support for $63,500, below which $BTC could find it hard to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for $BTC/USD is now above the 50 level.
Major Support Levels – $67,000, followed by $66,500.
Major Resistance Levels – $68,000 and $68,500.
Thanks for reading Bitcoin Price Consolidates Above Support Breakout Hopes Strengthen
