Bitcoin Bulls Push Price Above $68K
Bitcoin recently dipped below $67,000 but the bulls managed to push the price back above $68,000. The cryptocurrency is currently trading above the 100 hourly Simple Moving Average, indicating bullish momentum in the market.
Key Rising Channel Indicates Potential Bullish Momentum
A key rising channel is forming with resistance at $68,200 on the hourly chart of the BTC/USD pair. This channel suggests that Bitcoin may continue to see upward movement if it breaks above the $68,200 resistance level and settles above $68,400.
- Bitcoin spiked below $67,000 but the bulls are still in action.
- The price is trading above $68,000 and the 100 hourly Simple moving average.
- There is a key rising channel forming with resistance at $68,200 on the hourly chart of the BTC/USD pair.
- The pair could gain bullish momentum if it settles above the $68,400 level.
Bitcoin Price Stuck Below $70K
Bitcoin price extended its decline below the $67,500 level, testing the $66,650 zone before starting a recovery wave. The bulls managed to push the price back above $68,000 and even above the 50% Fib retracement level.
The price is currently facing resistance near $68,200, with a key rising channel forming on the hourly chart. The first major resistance is at $68,400, and a clear move above $68,800 could send the price higher towards $69,500 and $70,600.
Potential for Further Losses in BTC
If Bitcoin fails to break above the $68,400 resistance level, it may see another decline. Immediate support is near $67,500, followed by $67,200 and $67,000. Further losses could drop the price towards $66,500 in the short term.
Technical indicators show that the MACD is gaining momentum in the bullish zone, while the RSI for BTC/USD is above the 50 level. Major support levels include $67,500 and $67,000, with major resistance at $68,400 and $68,800.
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