Bitcoin Price Targets Gradual Rise: Will the Uptrend Hold?

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As a seasoned researcher with years of experience analyzing Bitcoin price movements, I can confidently say that Bitcoin is eyeing more upward momentum. Having closely monitored its trajectory for quite some time now, I see promising signs.

The cost of Bitcoin is trying to surge past the $67,000 level. If it manages to break through the resistance at $68,750, Bitcoin’s price might accelerate further.

  • Bitcoin started a fresh increase from the $65,500 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 $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it clears the $68,750 resistance zone.

Bitcoin Price Eyes More Upsides

The cost of Bitcoin showed signs of stabilizing around the $65,500 area. A minimum was reached at $65,531, and then the price began to climb again, surpassing the previous barrier at $66,200.

In simpler terms, the price surpassed both $67,000 and $67,500 thresholds. It also rose above the 61.8% Fibonacci retracement level, which is a significant mark following the downfall from the high of $68,699 to the low of $65,531. Moreover, an upward trend line is being formed on the hourly Bitcoin-to-US-Dollar chart, offering support at approximately $67,400.

Currently, Bitcoin’s price is hovering above $67,200 and aligning with its 100-hour Simple Moving Average. As it advances, potential resistance might be encountered around the $68,000 mark. This level is also close to the 76.4% Fibonacci retracement point of the downward trend from the peak of $68,699 to the trough of $65,531.

Approaching $68,500 presents a significant barrier. Overcoming this hurdle could potentially push the price upwards, with potential resistance at $68,750 next.

If the price breaks through the $68,750 barrier, it could lead to further increases. In such a scenario, the price may climb and reach the potential resistance at $69,200. Additional increases could potentially push the price up to test the $70,000 resistance level. Further gains might even prompt a challenge of the $71,200 resistance point.

Another Decline In BTC?

If Bitcoin doesn’t manage to surpass the $68,000 barrier, there might be another drop in price. The nearest support can be found at approximately $67,400 and the trendline. In simpler terms, if BTC can’t break through $68,000, it may fall again, with potential support around $67,400 or the trendline.

The primary resistance lies around $67,200. Moving forward, a potential support can be found at approximately $66,250. If prices continue to fall, they may head towards the next support at $66,000 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 – $67,400, followed by $67,200.

Major Resistance Levels – $68,000, and $68,750.

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2024-10-28 06:04