Bitcoin price started rising again above the $68,000 resistance level. Bitcoin price is now rising and it could rise towards the $70,000 resistance area.
- Bitcoin formed a base and started a fresh rally above the $68,000 resistance area.
- The price is trading above $68,500 and the 100-hour simple moving average.
- There was a break above a major bearish trend line with resistance at $68,200 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could accelerate towards the $70,000 and $70,800 levels in the short term.
Bitcoin price may reach $70k soon
Bitcoin price remained in a positive zone above the $65,500 resistance area. Bitcoin surpassed the $66,800 and $67,500 levels to move further towards the positive zone. Bulls even pushed the price above the $68,000 resistance level.
There was a break above a major bearish trend line with resistance at $68,200 on the hourly chart of the BTC/USD pair. The pair gained momentum to move above the 76.4% Fib retracement level of the downside move from the $69,398 swing high to $666,274 swing low.
Bitcoin price is now trading above the $68,500 level and the 100-hour simple moving average. If the price continues to rise, it may face resistance near the $69,800 level.
The first major resistance is near the $70,000 level or the 1.236 Fibonacci extension level of the downside move from the $69,398 swing high to $666,274 low. A clear move above the $70,000 resistance could push the price higher in the coming sessions.
The next major resistance could be at $70,800. The next major hurdle is at $71,200. A close above the $71,200 resistance could lead to an upside move. In the mentioned case, the price could rally and test the $72,000 resistance.
Are BTC declines limited?
If Bitcoin fails to recover above the $70,000 resistance area, it could start declining again. Immediate support on the downside is near the $68,750 level.
The first major support is at $68,000. The next support is now near $67,250 and the 100-hour simple moving average. Any further losses could push the price towards the $66,500 support area in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $68,750, followed by $68,000.
Key resistance levels – $69,800, $70,000.
