Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price holding gains above the $67,000 resistance zone. BTC is now consolidating and aiming for more gains above the $68,350 resistance.
- Bitcoin remained stable and extended gains above the $67,500 zone.
- The price is trading above $67,400 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally further if there is a close above the $68,200 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin price remained supported above the $67,000 pivot zone. BTC remained in a range and the bulls were active above the $66,500 level. There was a minor pullback from the last high of $68,328.
The price declined below the $67,000 level. There was a drop 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 were active above the $66,500 level. There is also a key bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $67,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $68,000 level. The first key resistance is near the $68,200 level. A clear move above the $68,200 resistance might send the price higher. The next key resistance could be $68,850.
A close above the $68,850 resistance might initiate more gains. In the stated case, the price could rise and test the $71,650 resistance level. Any more gains might send the price toward the $72,000 resistance level.
Another Drop In BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support on the downside is near the $67,200 level and the trend line.
The first major support is near the $66,500 level and the 50% Fib retracement level of the upward move from the $64,685 swing low to the $68,328 high. The next support is now near the $66,000 zone. Any more losses might send the price toward the $65,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $67,200, followed by $66,500.
Major Resistance Levels – $68,000, and $68,200.
