Bitcoin Price Consolidates Below Key Resistance
Bitcoin has entered a consolidation phase below the significant $68,500 resistance level. Despite this, the price remains stable above $66,800 and the 100 hourly Simple moving average. Traders are closely watching the market as Bitcoin looks poised for a potential breakout.
Bulls Attempt to Push Price Above $68,500
Bitcoin price recently saw an uptick above $66,500 and $67,000 resistance levels, reaching as high as $68,000 before encountering selling pressure around the $68,500 mark. The latest peak was around $68,240, following which the price began a gradual decline. It briefly dropped below $67,500, retracing slightly from the swing low of $66,600 to the recent high of $68,240.
- The price is currently supported above $66,800 and the 100 hourly Simple moving average.
- A key bullish trend line is forming with support at $62,200 on the hourly BTC/USD chart from Kraken.
Potential Upside Targets for Bitcoin
Looking ahead, Bitcoin may attempt to break through the $68,250 resistance level before targeting the key $68,500 mark. A successful move above $68,500 could signal further gains in the near future. Subsequent resistance levels to watch include $68,800 and $69,200, with a potential rally towards $70,000 if the price continues to climb.
Support Levels to Watch on Pullbacks
If Bitcoin faces selling pressure and fails to surpass the $68,250 resistance level, a downside correction could be triggered. Immediate support is found near $67,200, followed by more significant levels at $66,600 and $66,000. A break below these levels may lead to a test of the $65,500 support zone in the short term.
- Hourly MACD is showing signs of losing momentum in the bullish zone.
- Hourly RSI for BTC/USD is currently above the 50 level.
Key Levels to Monitor for Bitcoin
As traders keep a close eye on Bitcoin’s price action, important support and resistance levels to monitor include:
- Support: $67,200, $66,600
- Resistance: $68,200, $68,500
Hot Take: Bitcoin Trading Near Key Resistance Levels
As Bitcoin hovers near crucial resistance levels, traders are anticipating a potential breakout above $68,500. With strong support around $66,800 and a bullish trend line forming, the price may have room to extend gains in the near term. Keep an eye on key levels for potential entry and exit points in your trading strategy.
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