Bitcoin price is showing some positive signs above the $68,500 resistance. BTC needs to settle above the $70,000 resistance to continue rising in the near term.
- Bitcoin is eyeing a steady rise 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 trendline is forming with support near $68,800 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could begin a further rise if it stays above the $68,000 support zone.
Bitcoin price maintains support
Bitcoin price started a decent increase above the $67,500 resistance zone. BTC broke the $68,500 and $68,800 resistance levels to enter a positive zone.
The price even broke above the $70,000 resistance zone. A high formed near the $70,300 level and the price is currently correcting gains. There was a move below the $70,000 level. There was a move below the 23.6% Fibonacci retracement level of the upward move from the $65,116 low to $70,300 high.
Bitcoin is now trading above $68,000 and the 100 hourly simple moving average. Immediate resistance is near the $69,800 level. The first major resistance could be $70,000.
Source: BTCUSD on TradingView.com
The next resistance now lies at $70,300. If there is a clear move above the $70,300 resistance zone, the price could begin a further rise. In the case mentioned, the price could reach $71,200. The next major resistance lies near the $72,000 area. Any further gains could send Bitcoin towards the $73,500 resistance zone in the near term.
Are declines limited in BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it could begin a downward correction. Immediate downside support is near the $69,000 level or the trendline.
The first major support is $67,800 or the 50% Fibonacci retracement level of the upward move from the $65,116 low to $70,300 high. The next support lies at $66,500. If there is a close below $66,500, the price could begin a decline towards the $65,350 level. Any further losses could send the price towards the $62,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major support levels – $68,800, followed by $67,800.
Major resistance levels – $69,800, $70,000 and $71,200.
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