Bitcoin Holds Strong Above $67,000: Will It Break Resistance at $68,800?
Bitcoin maintained stability above the $67,000 mark and initiated a recovery process, edging higher. The cryptocurrency is currently trading above $68,000 and the 100 hourly Simple Moving Average, showing signs of strength. A crucial bearish trend line was breached at $67,800 on the BTC/USD hourly chart, sourced from Kraken, indicating a potential bullish momentum if the price settles above the $68,800 level.
Bitcoin Price Faces Resistance
After experiencing a downside correction below $68,000, Bitcoin tested the $67,000 support region before embarking on a bullish wave. The price touched a low of $67,099 before bouncing back above $68,000. A significant breakthrough occurred as the bearish trend line with resistance at $67,800 was surpassed by the BTC/USD pair, which then moved beyond $68,500 and $69,000 levels. However, resistance was met near $69,500, resulting in a peak at $69,548 before a reversal unfolded.
- The price plunged below $69,000, breaching the 50% Fib retracement level from the latest swing low of $67,099 to the high of $69,548.
- Bulls actively defended the $68,000 mark and the 61.8% Fib retracement level, maintaining the price above $68,000 and the 100 hourly SMA.
- Despite facing resistance at $68,500, the immediate hurdle, key resistance levels at $68,850 and $69,500 could determine a bullish breakout towards $70,600 and potentially $72,600.
More Losses in BTC?
If Bitcoin struggles to surpass the $68,800 resistance mark, a downtrend might resume. Initial support is anticipated around $68,000, with major support lying at $67,400 and a subsequent level forming at $67,000. Further downside could push the price towards the $66,250 support area in the short term.
- The hourly MACD suggests a rising bearish trend, signaling potential downward movement.
- The hourly RSI for BTC/USD is positioned above the 50 level, indicating a neutral stance.
- Key support levels to watch out for include $68,000 and $67,000, while pivotal resistance levels stand at $68,800 and $69,500.
Hot Take: Bitcoin Eyes Breakout Above $68,800
Bitcoin is currently on an upward trajectory, displaying resilience above $67,000 and primed for a potential break above the critical resistance at $68,800. Traders are closely monitoring the price action, looking for signals of a sustained bullish momentum that could drive BTC towards higher resistance levels. Keep a close eye on the support and resistance levels to gauge the cryptocurrency’s next move in the volatile market.
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