The Bitcoin price has started to rise again above the resistance of $68,000. BTC price is rising now and may climb to the $70,000 zone.
- Bitcoin started to rise again after forming a solid base above the $68,000 zone of resistance.
- Above the 100-hour Simple Moving Average and above the price of $68,500, we see that this market is currently trading.
- On the hourly chart for the BTC/USD, there was a breakout above the key trendline with resistance of $68,200 (data from Kraken).
- Short-term, it is possible that the pair will accelerate to the $70,000-$70.800 level.
Bitcoin Price to Retest $70,000 Soon
Bitcoin’s price is still in the a positive zone Over the resistance level of $65,500. BTC has cleared $66,800, $67.500 and moved into the positive zone. Bulls even managed to push the price over the $68,000 level of resistance.
On the hourly BTC/USD chart, there was a breakout above the key trendline with resistance of $68,200. The pair accelerated to move above the Fib level of 76.4% retracement for the move downward from the $69 398 swing high down to $66,6274.
Bitcoin has now reached a value of over $68,500. 100 hourly Simple moving average. If it continues to increase, the level of $69,800 could be a barrier.
First key resistance near $70,000 or 1.236 Fib level is the downward movement from $69,398 high swing to $66,6274 Low. If the price moves above $70,000, it could continue to rise in future sessions.
Next, the next major obstacle could be $71,200. Next up is $71,200. The bullish movement could start if the price closes above the $71,200 barrier. The price may rise to test $72,000 as stated in the case.
What is the limit for dips in BTC?
Bitcoin could begin a new decline if it fails to rise above the resistance zone of $70,000. The $68,750 support level is the nearest immediate support to the downside.
First major support at $68,000. Next support will be near $67.250, and then the Simple Moving Average 100 hours. If the market continues to fall, it could soon reach the support level of $66,500.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $68,750, followed by $68,000.
Major Resistance Levels – $69,800, and $70,000.
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Source: www.newsbtc.com
