Bitcoin price has started a decent rise above the $68,000 zone. BTC is currently showing positive signs and could move higher if it clears $69,250.
Bitcoin picked up pace on the move above the $67,500 and $68,000 levels. The price is trading above $68,500 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair (data feed from Kraken), the pair broke above the bearish trend line with resistance at $67,650. If we break below the $69,250 and $69,500 levels, the pair could start a further decline.
Bitcoin price gains momentum
Bitcoin price managed to rise above the $67,250 resistance zone. BTC picked up pace on the move above the $67,500 and $68,000 levels.
On the hourly chart of the BTC/USD pair, the pair broke above the bearish trend line with resistance at $67,650. Pairs could fetch more than $69,000. The high was formed at $69,256 and the price is currently consolidating above the 23.6% Fib retracement level rising from the swing low of $65,688 to the high of $69,256.
Bitcoin is currently trading above $68,000 and its 100-hour simple moving average. If the price remains stable above $68,500, it could attempt another rally. Immediate resistance is near the $69,250 level.
The first major resistance level is near the $69,500 level. If the price closes above the $69,500 resistance level, the price could move higher. In the above case, the price could rise and test the $70,000 resistance. Further upside could push the price closer to the $71,500 level. The next barrier for the bulls could be $72,000.
Will BTC fall again?
If Bitcoin fails to rise above the $69,250 resistance zone, further decline could begin. Immediate support is near the $68,800 level. The first major support is near the $68,500 level.
The next support is currently located near the $67,500 zone, or the 50% Fib retracement level of the swing low of $65,688 to the high of $69,256. Any further losses could send the price towards the $67,000 support in the near term. The main support currently lies at $66,500, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently above the 50 level.
Major support level – $68,500, then $68,000.
Key resistance levels – $69,250 and $69,500.
