Bitcoin is making an effort to rise beyond the $67,000 price level, potentially accelerating further if it successfully breaks through the resistance at $68,800. The cryptocurrency recently found support near the $65,200 level, leading to a fresh upward movement that has seen it surpass key levels of $67,000, $67,500, and even $68,000. Following a peak at $68,794, the price is now stabilizing while maintaining its position above the 100-hour simple moving average.
Currently, Bitcoin is trading above $67,500, and a bullish trend line has formed with support just under $67,450. Resistance is anticipated near $68,250, with significant levels set around $68,500 and the crucial point at $68,800. A decisive move above this resistance could trigger a new rally, potentially propelling the price towards $69,500, followed by a target of $70,000.
However, should Bitcoin struggle to break through the $68,500 level, a decline may be on the horizon. Immediate support is being observed around $67,800, with further notable support at $67,500 where the trend line lies. A deeper retreat could see Bitcoin approaching the $67,000 region, which also aligns with the 50% Fibonacci retracement level from its recent upward movement. Should losses continue, the price may dip toward the $66,000 support in the near term.
In terms of technical indicators, the hourly MACD shows waning momentum within the bullish zone, while the Relative Strength Index (RSI) remains above the neutral mark at 50, suggesting a careful watch on price movements is required in the coming hours. The landscape indicates critical levels that could determine Bitcoin ’s next steps, either back into bullish territory or a correction amid resistance.
