Bitcoin price is up over 8% and is above the $67,500 resistance level. BTC is aiming for a new all-time high and could even reach the $70,000 mark.
- Bitcoin price is rising above the $66,500 support zone.
- The price is above $67,500 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to accelerate towards the resistance level of $69,200 or even $70,000.
Bitcoin price is recovering again
Bitcoin price remained well bid above the $65,000 support zone. A new support base formed and the price started another rally above the $66,000 level. There was a steady increase towards the $67,500 level.
The price has risen over 8% and was trading near its recent all-time high. A high is formed at $68,786 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the swing low at $61,400 to the high at $68,786.
Bitcoin is now trading above $67,500 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $66,000 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The immediate resistance is near the $68,800 level. The next key resistance could be at $69,200, above which the price could rise towards the $70,000 resistance zone. If there is a clear move above the $70,000 resistance zone, the price could rise towards the $71,200 level. Further gains could push the price towards the $75,000 level.
Downward correction in BTC?
If Bitcoin fails to rise above the $68,800 resistance zone, another downward correction could occur. The immediate downside support is near the $67,000 level.
The first major support is at $66,000 or the trend line. If the close is below $66,000, the price could begin a decent pullback towards the 50% Fib retracement level of the upward move from the swing low at $61,400 to the high at $68,786 or $65,000. Any further losses could push the price towards the $63,200 support zone.
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.
Main support levels – $67,000, followed by $66,000.
Major resistance levels – $68,800, $69,200 and $70,000.
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