Bitcoin price has recently shown positive momentum by breaking above the $68,000 resistance level. The cryptocurrency is currently trading above $68,500 and the 100 hourly Simple Moving Average. There was a significant break above a key bearish trend line with resistance at $68,200 on the hourly chart of the BTC/USD pair, indicating a bullish trend. As a result, Bitcoin may continue its upward trajectory towards the $70,000 resistance zone, with the potential to reach levels around $70,800 in the near future.
Bitcoin has managed to maintain a positive outlook by staying above the $65,500 resistance level. Bulls have successfully pushed the price above $67,500 and $68,000, signaling further upside potential. The pair has also broken above the 76.4% Fib retracement level of the downward move from the $69,398 swing high to the $66,6274 low, showcasing strength in the bullish momentum. With Bitcoin now trading above the 100 hourly Simple Moving Average, there is a possibility of a continued uptrend, with resistance levels near $69,800 and the crucial $70,000 level. A clear move above $70,000 could lead to further gains in the coming sessions, potentially testing the $70,800 and $71,200 resistance levels.
In the case of a reversal, Bitcoin may face immediate support near the $68,750 level, followed by the key support at $68,000. Further downside could lead the price towards the $67,250 support level and the 100 hourly Simple Moving Average. However, technical indicators such as the MACD and RSI suggest a bullish outlook, with the MACD gaining pace in the bullish zone and the RSI above the 50 level. This indicates that the dips in Bitcoin’s price may be limited, and the cryptocurrency could potentially continue its upward trajectory towards the $72,000 resistance level.
Overall, Bitcoin’s recent price action indicates a bullish sentiment in the market, with the potential to retest the $70,000 resistance zone in the short term. The cryptocurrency’s ability to maintain above key support levels and break above crucial resistance points signals a positive outlook for further gains. With technical indicators supporting a bullish trend, Bitcoin may continue to rise towards higher price levels, including $70,800 and $71,200. Traders and investors will be closely monitoring Bitcoin’s price movements to capitalize on potential profit opportunities in the cryptocurrency market.
