Bitcoin price remains bullish above the $67,000 resistance area. BTC is currently consolidating and aims to surpass the $68,350 resistance level for further gains.

  • Bitcoin remained stable and extended its gains above $67,500.

  • The price is currently 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 source from Kraken).

  • The pair could rise further if there is a close above the $68,200 resistance area.

Bitcoin price expected to rise further

Bitcoin price remains supported above the $67,000 pivot area. BTC remains range-bound with bulls active above $66,500. There was a slight pullback from the last high of $68,328.

The price declined below the $67,000 level. There was a break below the 23.6% Fibonacci retracement level of the upward move from the $64,685 swing low to $68,328 high. However, the bulls are active above the $66,500 level. There is also a key bullish trend line formed with support at $67,400 on the hourly chart of the BTC/USD pair.

Bitcoin price is currently trading above $67,200 and the 100 hourly simple moving average. On the upside, the price is likely to face resistance near $68,000. The first key resistance is near $68,200. If there is a clear break above the $68,200 resistance, the price is likely to move higher. The next key resistance is likely to be $68,850.

A close above the $68,850 resistance could spark more gains. In such a case, the price could rise and test the $71,650 resistance. Any further gains could sink the price towards the $72,000 resistance.

BTC drops again?

If bitcoin fails to clear the $68,000 resistance zone, it could decline again. An immediate support on the downside is near $67,200 and the trend line.

The first major support is near the $66,500 level, which is also the 50% Fibonacci retracement level of the upward move from the $64,685 swing low to $68,328 high. The next support is now near the $66,000 area. If the price declines further, it could drop towards the $65,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is currently accelerating in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

The main support level – $67,200, followed by $66,500.

Major Resistance Levels – $68,000 and $68,200.