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Bitcoin price is trying to make a new surge above the $67,000 zone. BTC could gain momentum if it breaks the USD 68,750 resistance zone.
- Bitcoin started a new increase from the $65,500 zone.
- The price is trading above USD 67,200 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks the $68,750 resistance zone.
Bitcoin price has more advantages
Bitcoin price found support near the $65,500 zone. A low was formed at $65,531 and the price started a fresh rise above the resistance at $66,200.
The price climbed above the USD 67,000 and USD 67,500 levels. There was a move above the 61.8% Fib retracement level of the downward move from the $68,699 swing high to the $65,531 low. A connecting bullish trendline is also forming with support at $67,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $67,200 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 68,000 level. It is close to the 76.4% Fib retracement level of the downward move from the $68,699 swing high to the $65,531 low.
The first major resistance is around the $68,500 level. A clear move above the USD 68,500 resistance could push the price higher. The next major resistance could be $68,750.
A close above the resistance at $68,750 could lead to more gains. In the said case, the price could rise and test the USD 69,200 resistance level. Any further gains could send the price towards the USD 70,000 resistance level. Any gains could require a $71,200 test.
Another drop in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could trigger another decline. The immediate downside support is near the $67,400 level and the trendline.
The first major support is near the $67,200 level. The next support is now near the $66,250 zone. Any further losses could send the price towards the USD 66,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 67,400, followed by USD 67,200.
Major resistance levels – $68,000 and $68,750.