As a seasoned researcher with years of experience in the cryptocurrency market, I find myself closely monitoring Bitcoin’s price action. The recent surge above $67,000 is indeed promising, and it seems we might be on the verge of another significant bull run. However, the $68,800 resistance zone remains a formidable hurdle that Bitcoin must clear to confirm this bullish sentiment.
The cost of Bitcoin is trying to rise beyond the $37,000 mark. If it manages to break through the $68,800 barrier, Bitcoin’s price might accelerate further.
- Bitcoin started a fresh increase from the $65,200 zone.
- The price is trading above $67,500 and the 100 hourly Simple moving average.
- There is a new connecting bullish trend line forming with support at $67,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it clears the $68,800 resistance zone.
Bitcoin Price Starts Fresh Increase
The cost of Bitcoin stabilized around the $65,200 mark. It reached a low of $65,199 before starting to climb again over the $67,000 barrier.
The cost surpassed both $67,500 and $68,000 mark, and even exceeded $68,500. It peaked at $68,794 before consolidating its growth. There was a slight drop below the $68,000 level, and the price momentarily fell below the 23.6% Fibonacci retracement line of the upward trend from the $65,199 low point to the $68,794 high point.
Currently, Bitcoin’s price is hovering above $67,500 and aligning with its 100-hour Simple Moving Average. Additionally, a fresh bullish trend line is being established, offering support at approximately $67,450 on the hourly BTC/USD chart.
On the positive side, the cost may encounter resistance close to the $68,250 mark. The primary potential obstacle lies around $68,500, and a decisive break above this level might propel the price upward. Another key resistance could be at $68,800.
If the price breaks through the $68,800 barrier, it may trigger further increases. This could cause the price to climb and potentially challenge the $69,500 resistance point. Continued gains might push the price towards the $70,000 resistance.
Another Decline In BTC?
If Bitcoin doesn’t manage to break through its resistance at around $68,500, there might be a new drop in price. The nearest support level if that happens would be roughly $67,800.
The primary resistance can be found close to the $67,500 mark and the trend line. Following this, the next potential support lies around the $67,000 area, which coincides with the 50% Fibonacci retracement point of the price rise from the $65,199 trough to the $68,794 peak. If further declines occur, the value may head towards the $66,000 support in the coming days.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $67,500, followed by $67,000.
Major Resistance Levels – $68,500, and $68,800.
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2024-10-25 06:04