Bitcoin‘s price remains stable above the significant barrier at around $67,000, suggesting a potential push towards further growth beyond the $68,350 resistance level. Currently, Bitcoin is gathering strength before potentially moving higher.
- Bitcoin remained stable and extended gains above the $67,500 zone.
- The price is trading above $67,400 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally further if there is a close above the $68,200 resistance zone.
Bitcoin Price Eyes More Upsides
The cost of Bitcoin consistently held above a significant level at roughly $67,000. For the most part, Bitcoin maintained its position within a range, with buyers actively engaged above the $66,500 mark. There was a slight retreat from the recent peak of $68,328.
The cost dipped under the $67,000 threshold, dropping below the 23.6% Fibonacci retracement level based on the rise from the $64,685 trough to the $68,328 peak. Despite this, buyers showed signs of activity above the $66,500 mark. Additionally, a significant bullish trend line is emerging with support at $67,400 on the hourly chart for the BTC/USD pair.
Currently, Bitcoin’s value is transacting over $67,200 and is also above its 100-hour Simple Moving Average. If it continues to rise, potential hurdles for the price lie around the $68,000 mark. The initial significant barrier is found at approximately $68,200. Overcoming this obstacle might propel the price further. A subsequent resistance could be seen at $68,850.
If the price breaks through the $68,850 barrier, it may lead to further increases, potentially pushing the price up to challenge the $71,650 resistance point. Should additional gains occur, the price could continue climbing towards the $72,000 resistance level.
Another Drop In BTC?
If Bitcoin doesn’t manage to break through the $68,000 barrier, there might be another drop. The closest support can be found at around $67,200 and the trendline.
1) The primary resistance can be found at approximately $66,500 and also coincides with the 50% Fibonacci retracement point of the rise from $64,685 low to $68,328 high. A secondary support now lies around the $66,000 region. Further declines may push the price towards the nearby $65,500 support level 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 – $68,000, and $68,200.
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2024-10-18 05:46