Bitcoin Eyes Steady Increase Above Key Levels
Bitcoin is currently eyeing a steady increase above the $69,500 and $70,000 levels. The price is trading above $68,000 and the 100 hourly Simple moving average. A key bullish trend line is forming with support near $68,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). If the pair manages to stay above the $68,000 support zone, it could potentially see another increase in the near term.
Bitcoin Price Holds Firm Support
Bitcoin price recently started a decent increase above the $67,500 resistance zone. BTC successfully cleared the $68,500 and $68,800 resistance levels, entering a positive zone. The price even spiked above the $70,000 resistance zone, with a high around $70,300 before correcting gains. A move below the $70,000 level was observed, including a drop below the 23.6% Fib retracement level from the recent low to high.
- Bitcoin price is currently trading above $68,000 and the 100 hourly Simple moving average.
- The immediate resistance level to watch is near $69,800, with $70,000 being the first major resistance.
- The next major resistance lies at $70,300, which could trigger a fresh increase if breached.
- If the price surpasses $70,300, it may target $71,200 followed by $72,000 in the short term.
- Further gains could even push Bitcoin towards the $73,500 resistance zone.
Potential Limits to Downside Moves in Bitcoin?
Failure to rise above the $70,000 resistance zone might initiate a downside correction in Bitcoinโs price. Immediate support is expected near $69,000 or the trend line. The first major support stands at $67,800 or the 50% Fib retracement level, followed by $66,500.
- If the price closes below $66,500, it could trigger a drop towards $65,350.
- Further losses might push the price towards the $62,500 support zone.
Technical Analysis Indicators for Bitcoin
Several technical indicators can provide insight into Bitcoinโs price movements:
- Hourly MACD: The MACD is currently showing a loss of momentum in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is hovering near the 50 level.
- Major Support Levels: $68,800, followed by $67,800
- Major Resistance Levels: $69,800, $70,000, and $71,200
Hot Take: Stay Vigilant For BTC Price Movements
Bitcoin is currently positioned for a potential increase above key resistance levels. However, failure to secure above these levels could trigger a downside correction. Cryptocurrency traders should closely monitor the $70,000 resistance zone and various support levels to gauge potential price movements in the near future. Technical indicators must be carefully studied to assess possible outcomes for Bitcoinโs price trajectory.
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