Bitcoin Price Expected to Surge: Market Optimistic for Upward Movement
Bitcoin price has shown signs of a fresh pump as it broke above the $68,000 resistance level. BTC is currently on a rise and could potentially reach the $70,000 resistance zone.
Key Points:
– Bitcoin formed a base and initiated a new upward movement above the $68,000 resistance.
– The price is currently trading above $68,500 and the 100 hourly Simple Moving Average.
– A significant bullish trend line was breached with resistance at $68,200 on the BTC/USD hourly chart.
– The pair might experience further gains towards the $70,000 and $70,800 levels in the short term.
Bitcoin Price Expected to Retest $70,000
Bitcoin price has maintained a positive trajectory above the $65,500 resistance zone. BTC successfully surpassed the $66,800 and $67,500 levels to enter a bullish stance. The bulls even pushed the price above the $68,000 resistance threshold.
A key bearish trend line was broken with resistance at $68,200 on the BTC/USD hourly chart. The pair gained momentum for a move above the 76.4% Fibonacci retracement level of the downward move from the $69,398 swing high to the $66,6274 low.
At present, Bitcoin price is trading above $68,500 and the 100 hourly Simple Moving Average. If the upward momentum persists, the price might face resistance near the $69,800 level.
The initial key resistance lies around the $70,000 mark, which corresponds to the 1.236 Fibonacci extension level of the downward move from the $69,398 swing high to the $66,6274 low. A clear break above this resistance could potentially propel the price higher in the coming sessions.
The next significant hurdle stands at $70,800, followed by a major resistance at $71,200. A breach above the $71,200 resistance could trigger a bullish rally and test the $72,000 resistance.
Limited Downside Dips in BTC?
In the event that Bitcoin fails to recover above the $70,000 resistance zone, it may face another decline. Immediate support on the downside can be found near the $68,750 level.
The first major support level is at $68,000, followed by another support near $67,250 and the 100 hourly Simple Moving Average. Further losses might push the price towards the $66,500 support zone in the near term.
Technical indicators such as the hourly MACD and RSI show positive signs. The MACD is gaining momentum in the bullish zone, while the RSI for BTC/USD is above the 50 level.
Key Support Levels: $68,750, $68,000
Key Resistance Levels: $69,800, $70,000