Bitcoin ’s price has embarked on a new upward trend, surpassing the $65,500 resistance level. It is currently stabilizing and appears poised to break through the $68,000 resistance if momentum continues.
With a more than 7% increase, Bitcoin is demonstrating several bullish indicators. The cryptocurrency is trading above the $66,500 level and remains well-supported by the 100-hour Simple Moving Average. Additionally, a bullish trend line is emerging with a support point around $66,400 on the hourly chart for the BTC/USD pair. If Bitcoin manages to close above $68,000, it could pave the way for further gains.
Following a surge of over 8%, Bitcoin has found stable ground above the $65,500 resistance. The cryptocurrency has successfully navigated through the $66,500 resistance level, indicative of a positive market sentiment. It also crossed above key levels of $67,000 and $67,500 before experiencing a minor correction back to $64,500. A low was recorded at $64,686, but Bitcoin has since rebounded. The current price is situated above $66,000, having reclaimed the 50% Fibonacci retracement level of the prior correction.
Despite its recent successes, Bitcoin may encounter resistance in the vicinity of $67,400, with $67,800 being a critical level to watch. A significant breakthrough here could stimulate further advances towards $68,800, potentially leading to tests of $69,500 and even the $70,000 level.
Conversely, if Bitcoin does not exceed the $67,800 barrier, it could trigger a reversal. In this scenario, immediate support is expected near $66,400, while more substantial support levels lie at $65,500 and $64,500. Further declines could see Bitcoin approaching the $63,200 support region in the short term. Market indicators reveal an upward-moving MACD and an RSI above the neutral mark, signaling ongoing bullish momentum.
