Bitcoin price has once again surged above the $68,000 resistance level, with bullish momentum building up in the market. The current price action suggests that BTC bulls are in control and are now aiming for a move towards the key psychological level of $70,000.
Technical Analysis
Bitcoin started a fresh uptrend after breaking above the $66,500 resistance zone. Currently, the price is trading comfortably above $66,500 and the 100 hourly Simple Moving Average (SMA). There is also a connecting bullish trend line with support at $66,500 on the hourly chart of the BTC/USD pair, indicating strong buying interest.
The price might extend its gains further and trade above the $68,800 resistance zone. If bulls manage to break above this level, it could pave the way for another significant increase towards $70,000. On the downside, immediate support is seen near $67,600, followed by the key level of $67,200. A break below these support levels could lead to a correction towards $66,500 and the trend line. Further losses may push the price towards the critical support zone of $65,500.
Bitcoin’s price action is currently showing signs of strength, with the MACD gaining momentum in the bullish zone and the RSI above the 50 level. This indicates a positive sentiment in the market, with a potential for further gains in the near term. The next major resistance levels to watch out for are $68,500 and $68,800, while the key hurdles lie at $69,500 and $70,000.
Bitcoin’s price surge above $68,000 signals a strong bullish trend in the market, with the potential for further upside towards $70,000. Traders and investors should closely monitor the key resistance and support levels mentioned above to gauge the future direction of BTC’s price movement. As always, it is essential to conduct thorough research and risk management strategies when trading cryptocurrencies to minimize potential losses in volatile market conditions.