Bitcoin Price Continues to Surge
The price of Bitcoin is experiencing another rally as it moves higher above the $66,500 support zone. Currently trading above $67,500 and the 100 hourly Simple Moving Average (SMA), Bitcoin is showing signs of further upward movement. Additionally, a bullish trend line is forming with support at $66,000 on the hourly chart of the BTC/USD pair.
Bitcoin Price Rallies Again
Bitcoin price has remained strong above the $65,000 support zone and has formed a new support base. This has led to another rally above the $66,000 level and a steady increase towards $67,500. The price has risen by over 8% and came close to reaching its previous all-time high at $68,786.
The current consolidation phase sees the price trading above $67,500 and the 100 hourly SMA. Furthermore, a bullish trend line is connecting with support at $66,000 on the BTC/USD pairโs hourly chart.
Immediate resistance lies near the $68,800 level. If this is surpassed, the next key resistance level will be at $69,200. Should the price break through this level as well, it could rise towards the $70,000 resistance zone. Further gains may push the price towards $71,200 and even up to $75,000.
Downside Correction in BTC?
If Bitcoin fails to break through the resistance at $68,800, a downside correction may occur. In this scenario, immediate support can be found near the $67,000 level. The first major support lies at $66,000 or along the trend line. A close below this level could trigger a decent pullback towards either the 50% Fib retracement level between the swing low of $61,400 and the high of $68,786 or the $65,000 support zone. Further losses could potentially push the price towards the $63,200 support zone.
Technical Indicators
- Hourly MACD โ The Moving Average Convergence Divergence (MACD) is now gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) โ The RSI for BTC/USD is currently above the 50 level, indicating bullish sentiment.
Major Support and Resistance Levels
- Major Support Levels โ $67,000, followed by $66,000.
- Major Resistance Levels โ $68,800, $69,200, and $70,000.
Hot Take: Bitcoin Continues to Show Strength
The price of Bitcoin is demonstrating its resilience as it rallies above key support levels and remains above the 100 hourly SMA. With a bullish trend line forming and technical indicators suggesting bullish sentiment, there is a strong possibility that Bitcoinโs price will continue to rise.
However, if Bitcoin fails to break through resistance at $68,800, a downside correction may occur. Traders should monitor support levels at $67,000 and $66,000 for potential buying opportunities. Overall, Bitcoinโs current price movement indicates a positive outlook for cryptocurrency investors.
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