Bitcoin is showing signs of a potential resurgence, currently trading above the $67,000 level and making attempts to surpass the crucial resistance level at $68,750. In recent trading sessions, the cryptocurrency began a fresh upward movement after finding support around $65,500, where it recorded a low of $65,531 before gradually increasing past $66,200.
As the price climbed, it moved above both $67,000 and $67,500, making notable progression by crossing over the 61.8% Fibonacci retracement level from a prior decline that peaked at $68,699 down to the aforementioned low. Currently, Bitcoin is positioned above $67,200 and is trading above the 100-hour Simple Moving Average. A bullish trend line is also forming with a significant support level sitting at $67,400 on the hourly chart of the BTC/USD trading pair.
Looking ahead, Bitcoin may face its next challenge at the $68,000 resistance level, which aligns closely with the 76.4% Fibonacci retracement level. In order to build further momentum, Bitcoin needs to break through the $68,500 resistance, which could pave the way for a surge towards $68,750 and potentially $69,200. Crossing above $68,750 could catalyze additional gains, with targets extending toward the psychological $70,000 level and beyond to $71,200.
Conversely, should Bitcoin fail to break through the $68,000 level, a downward trend may emerge. Immediate support is observed near $67,400 alongside the trend line. The first significant level of support below this is around $67,200, followed by further support at $66,250 and $66,000. The MACD shows a diminishing bullish momentum, while the RSI indicates strength, remaining above the 50 level, which may influence trading activities in the forthcoming hours.
