Bitcoin Price Seeks Further Upside Potential: Can It Sustain Its Ascent?
The price of Bitcoin is currently making a fresh push above the $37,000 mark, signaling its intention for further gains. If BTC manages to overcome the $68,800 resistance level, it could gain momentum and surge even higher.
- Bitcoin has initiated a new upward move from the $65,200 zone.
- At present, the price is trading above $67,500 and the 100-hourly Simple Moving Average (SMA).
- An upward trend line is developing, connecting the bullish movement, with support at $67,450 on the BTC/USD hourly chart (data feed from Kraken).
- If the pair successfully clears the $68,800 resistance zone, it may experience a surge in bullish momentum.
Bitcoin’s Rally Continues
Bitcoin recently found support around the $65,200 mark and has since mounted a fresh rally, breaking past the $67,000 resistance level.
The coin managed to surpass the $67,500 and $68,000 levels, reaching as high as $68,794. It is currently consolidating its gains and experienced a slight pullback below $68,000. The decline briefly dipped below the 23.6% Fibonacci retracement level from the swing low of $65,199 to the high of $68,794.
Bitcoin is presently trading above $67,500 and the 100-hourly SMA. Additionally, there’s a new upward trend line forming with support at $67,450 on the BTC/USD hourly chart.
On the upside, the $68,250 level might pose some resistance. The first major resistance lies near $68,500, with a clear surge above that potentially propelling the price even higher. The next key resistance level is at $68,800.
If the price manages to break above the $68,800 resistance, further gains could be in store. A successful move would likely see the price testing the $69,500 resistance level, potentially paving the way for an ascent towards the $70,000 mark.
Possible Downturn for BTC?
However, if Bitcoin struggles to overcome the $68,500 resistance zone, it could experience a downward correction. Immediate support on the downside is seen near the $67,800 level.
The first major support exists around $67,500, coinciding with the trend line. Following that, there is support around the $67,000 zone and the 50% Fibonacci retracement level from the swing low at $65,199 to the high at $68,794. Further losses might drive the price towards the $66,000 support level in the near future.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently above the 50 level.
Major Support Levels – $67,500, followed by $67,000.
Major Resistance Levels – $68,500 and $68,800.