As a seasoned researcher with years of experience in cryptocurrency markets, I find the current Bitcoin price action particularly intriguing. The climb above the $67,500 resistance and consolidation around $68,000 suggests a strong bullish sentiment among investors.
The cost of Bitcoin surged beyond the $67,500 barrier, potentially reaching a new high. Currently, Bitcoin appears to be stabilizing before attempting to break through the next resistance at $68,350, which could lead to further growth.
- Bitcoin remained stable and extended gains above the $68,000 zone.
- The price is trading above $67,200 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $66,800 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 $68,000 resistance zone.
Bitcoin Price Remains Supported for More Upsides
Bitcoin’s price continued to be buoyed and surpassed the barrier at $67,500, propelling it into an optimistic trend. Not only did BTC break through the $67,800 resistance, but it also soared past additional hurdles at $68,000 and $68,200. This suggests a strong upward momentum for Bitcoin’s price.
The cost reached a peak of $68,328 but is now holding steady as it builds on its gains. There was a slight drop below the $68,000 mark. The cost fell and touched the 23.6% Fibonacci retracement point of the upward trend that started at the $64,686 low and peaked at $68,328.
Currently, Bitcoin’s price stands above $67,200 and aligns with the 100-hour Simple Moving Average. Additionally, a bullish trend line is emerging on the hourly BTC/USD chart, providing support at approximately $66,800.
On a positive note, there may be an obstacle for the price increase around the $68,000 mark. The initial significant hurdle lies at approximately $68,350. If the price manages to surpass this barrier, it might push higher. Further potential resistance could emerge near the $68,800 level.
If the price surpasses $68,800, it may trigger further increases. In such a scenario, the price could climb and attempt to break through the resistance at $70,020, potentially pushing it even higher towards the $72,000 resistance point.
Another Drop In BTC?
As a crypto investor, if Bitcoin doesn’t manage to break through the $68,000 barrier, it might initiate another drop. The closest level of defense lies at around $66,800 and the trendline below.
1 Support is found close to the $66,500 region, which also represents the 50% Fibonacci retracement point of the upward trend from the $64,686 trough to the $68,328 peak. Another significant support now lies near the $66,500 area. Further declines could potentially push the price towards the $65,400 support in the short term.
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 – $66,800, followed by $65,400.
Major Resistance Levels – $68,000, and $68,350.
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2024-10-17 05:46