Bitcoin price is once again trying to break above the $68,000 resistance zone, showing signs of a potential rally if it surpasses the $67,500 and $68,000 levels in the short term. The recent price action has seen BTC starting a decent increase above the $65,000 zone, but it is now trading below $65,000 and the 100 hourly Simple Moving Average. There is a key bullish trend line forming with support at $65,900 on the hourly chart of the BTC/USD pair from Kraken, indicating a possible upward momentum if the resistance levels are breached.
Despite remaining supported above the $64,000 level, Bitcoin climbed higher above $66,500 and $66,000 resistance levels, only to face resistance near $67,500 and $68,000. The consolidation of gains led to a high of around $67,614, followed by a retracement near the 23.6% Fib level of the upward move from the $62,614 low to the high. Bitcoin is currently trading above $65,000 and the 100 hourly SMA, with immediate resistance at $67,500 and major resistance at $68,000.
In the event of a clear move above the $68,000 resistance zone, Bitcoin could continue to strengthen, potentially reaching $69,200 and $70,000 in the near future. However, failure to break above $68,000 may result in another decline, with immediate support around $66,000 and the bullish trend line. Major support levels include $65,200 and $63,800, with a close below $63,800 potentially leading to a drop towards $61,200 and $60,500.
Analyzing the technical indicators, the MACD is currently losing momentum in the bullish region, while the RSI for BTC/USD is above the 60 level, indicating a relatively strong position. Major support levels to watch for are $65,900 and $63,800, with resistance levels at $67,500, $68,000, and $69,200. It is important to note that the article is for educational purposes only, and it is essential to conduct thorough research before making any investment decisions, as investing in cryptocurrencies carries inherent risks and uncertainties.
The analysis of Bitcoin price movement shows potential for an upside break above key resistance levels, with a possible rally towards new highs. However, the market remains volatile, and careful risk management is crucial for navigating the ever-changing cryptocurrency landscape.
