As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I have closely monitored Bitcoin’s (BTC) recent price action. My analysis indicates that BTC is currently experiencing an uptrend, with the price extending gains above the $68,000 resistance level. The bulls seem to be in control, and they might aim for a move toward the $70,000 level.
The price of Bitcoin surpassed the barrier of $68,000, with buyers showing significant activity. They may plan to push the value further up towards the $70,000 mark.
- Bitcoin started a fresh increase above the $66,500 resistance zone.
The price is trading above $66,500 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $66,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend gains and trade above the $68,800 resistance zone.
Bitcoin Price Climbs Further Higher
As an analyst, I’ve observed that Bitcoin’s price held strong above the resistance levels of $65,500 and $66,000. Subsequently, BTC initiated a new upward trend and successfully surpassed the $66,500 resistance mark.
As a crypto investor, I’ve noticed an impressive surge in price that took it above the $67,200 mark and even reached the $68,000 milestone. The peak was formed at $68,531, following which the market has entered a consolidation phase. The price action seems to be moving towards the 23.6% Fibonacci retracement level of our recent upward trend, which started from the swing low at $65,857 and peaked at $68,531.
The price of Bitcoin has surpassed the $66,500 mark and the 100-hour moving average on the chart. A bullish trendline is taking shape, with a key support level at $66,500 for the BTC/USD pair on an hourly timeframe. This trendline is not far from the 61.8% Fibonacci retracement level of the rally that started from $65,857 low and peaked at $68,531 high.
If the price experiences a new rise, it may encounter obstacles around the $68,500 mark. The initial barrier to further advancement lies at approximately $68,800. Overcoming this hurdle could lead to additional gains in the upcoming trading periods.
If we consider the next potential obstacle in the price’s journey, it lies around $69,500. Moving forward, a significant barrier emerges at $70,000. Overcoming this hurdle could lead to further gains and potentially propel the price towards the resistance level of $72,000 for testing.
Are Dips Limited In BTC?
As a crypto investor, if Bitcoin doesn’t manage to break through the $68,500 resistance point, we might be in for a correction. The good news is that there’s a support zone close by around $67,600.
In simpler terms, the initial significant level of support for the price is around $67,200. The next support lies close to $66,500 and the trendline. If the price experiences further declines, it could potentially slide towards the $65,500 support area in the short 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 – $68,500, and $68,800.
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2024-07-22 06:04