Bitcoin ’s price has seen a significant upswing, surpassing the $67,500 resistance level, and is now trading above $68,000 as it seeks to consolidate its gains. Currently, prices are hovering above $67,200, along with the 100-hourly Simple Moving Average supporting the upward trend. A bullish trend line has formed, indicating foundational support at $66,800 on the hourly chart of the BTC/USD pair.
The cryptocurrency advanced through key resistance levels, breaking past both $67,800 and $68,200, and reached a high of $68,328 before experiencing a minor pullback. This recent decline tested the 23.6% Fibonacci retracement level of the ascent from a low of $64,686 to the noted high. Despite this minor correction, Bitcoin is maintaining its position above critical support.
Looking ahead, the immediate resistance zone is centered around $68,000, with crucial resistance points at $68,350. A decisive close above this level could trigger further price increases, potentially testing the next resistance at $68,800. Successful movement past this level may pave the way for Bitcoin to approach the $70,200 level, with the potential for even larger gains if momentum continues.
On the other hand, should Bitcoin struggle to break through the $68,000 resistance, it might enter a corrective phase. Immediate downside support is present at $66,800, aligning with the trend line. More substantial support levels are found around $66,500, which coincides with the 50% Fibonacci retracement of the recent price movement. A further downturn could drive the price toward the $65,400 support zone.
Technical indicators show that while the MACD is losing momentum in the bullish territory, the RSI remains above the neutral 50 level, suggesting that while there may be temporary pullbacks, the overall market sentiment could still favor further bullish activity in the near future. Major support continues to rest at $66,800 and $65,400, while resistance levels stand firm at $68,000 and $68,350.
