Market
Bitcoin Price Positioned for More Upside: Can It Keep Climbing?
Bitcoin price holding gains above the $67,000 resistance zone. BTC is now consolidating and aiming for more gains above the $68,350 resistance.
- Bitcoin remained stable and extended gains above the $67,500 zone.
- The price is trading above $67,400 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally further if there is a close above the $68,200 resistance zone.
Bitcoin Price Eyes More Upsides
Bitcoin price remained supported above the $67,000 pivot zone. BTC remained in a range and the bulls were active above the $66,500 level. There was a minor pullback from the last high of $68,328.
The price declined below the $67,000 level. There was a drop below the 23.6% Fib retracement level of the upward move from the $64,685 swing low to the $68,328 high. However, the bulls were active above the $66,500 level. There is also a key bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $67,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $68,000 level. The first key resistance is near the $68,200 level. A clear move above the $68,200 resistance might send the price higher. The next key resistance could be $68,850.
A close above the $68,850 resistance might initiate more gains. In the stated case, the price could rise and test the $71,650 resistance level. Any more gains might send the price toward the $72,000 resistance level.
Another Drop In BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support on the downside is near the $67,200 level and the trend line.
The first major support is near the $66,500 level and the 50% Fib retracement level of the upward move from the $64,685 swing low to the $68,328 high. The next support is now near the $66,000 zone. Any more losses might send the price toward the $65,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $67,200, followed by $66,500.
Major Resistance Levels – $68,000, and $68,200.