Bitcoin Price Attempts Increase Above $67,000 Amid Resistance Levels
Bitcoin price is attempting an increase above the $67,000 zone. BTC may gain momentum if it surpasses the $68,750 resistance.
- Bitcoin began an increase from the $65,500 zone.
- The price is trading above $67,200 and the 100 hourly Simple Moving Average.
- A bullish trend line is forming with support at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain momentum if it clears the $68,750 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin found support near the $65,500 zone. A low was formed at $65,531, after which the price increased above the $66,200 resistance.
The price rose above $67,000 and $67,500 levels, surpassing the 61.8% Fib retracement level from the $68,699 swing high to the $65,531 low. The bullish trend line supports the price at $67,400 on the hourly chart.
Currently, Bitcoin trades above $67,200 and the 100 hourly Simple Moving Average. Resistance is noted near the $68,000 level, close to the 76.4% Fib retracement level of the downward move from the $68,699 swing high to the $65,531 low.
The initial key resistance is around $68,500. A clear break above this level may push the price higher, targeting $68,750 next.
A close above $68,750 could lead to further gains, potentially testing the $69,200 resistance level. Continued upward movement may aim for the $70,000 and possibly $71,200 resistance levels.
Potential Decline in BTC?
If Bitcoin does not rise above the $68,000 resistance zone, it may experience another decline. Immediate support is near the $67,400 level along the trend line.
The first major support is at $67,200, followed by $66,250. Additional losses could bring the price down to the $66,000 support zone.
Technical indicators:
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $67,400 and $67,200.
Major Resistance Levels – $68,000 and $68,750.