The Bitcoin price found support at $67,000 and started a new increase. BTC climbed above $69,500 and could continue to rise in the near term.
- Bitcoin started a decent rise above the USD 68,500 and USD 69,500 resistance levels.
- The price is trading above USD 68,500 and the 100 hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks above the $69,500 level.
Bitcoin price continues to gain traction
Bitcoin price extended its decline below the USD 67,200 level. BTC has retested the $66,650 zone and recently started another increase. There was a clear move above the USD 68,500 resistance zone.
There was a break above a key bearish trendline with resistance at $68,000 on the hourly chart of the BTC/USD pair. The pair even managed to break through the $69,500 resistance zone and peaked above $70,000. It reached a high at $70,253 and the price is now correcting gains.
There was a move below the USD 69,500 level. The price fell below the 23.6% Fib retracement level of the upward move from the $67,283 swing low to the $70,253 high.
Bitcoin is now trading above $68,500 and the 100 hourly Simple Moving Average. It also holds gains above the 50% Fib retracement level of the upward move from the $67,283 swing low to the $70,253 high. On the upside, the price is facing resistance around the $69,200 level.
The first major resistance could be at $69,550. The next major resistance could be at USD 70,000. A clear move above the USD 70,200 resistance could push the price higher. In the mentioned case, the price could rise and test the USD 70,600 resistance. Even more gains could send BTC towards the USD 72,000 resistance.
Another drop in BTC?
If Bitcoin fails to climb above the USD 69,500 resistance zone, it could trigger another decline. The immediate downside support is near the $68,750 level.
The first major support is at $68,400. The next support is now near $68,000. Any further losses could send the price towards the $67,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $68,400, followed by $68,000.
Major resistance levels – $69,500 and $70,000.