⭐️ Bitcoin Price Consolidates: Is Another Pump on the Horizon?
Bitcoin price remained below the $68,500 resistance zone. BTC is consolidating its gains and might aim for a fresh upward move in the near term.
● Bitcoin started a consolidation phase below the $68,500 resistance zone.
● The price is trading above $66,800 and the 100 hourly Simple moving average.
● There is a key bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
● The pair might extend gains and trade above the $68,500 resistance zone.
🔸 Bitcoin Price Holds Gains Above $67K
Bitcoin price extended its increase above the $66,500 and $67,000 resistance levels. BTC even spiked above the $68,000 level before the bears appeared. It seems like the bears are active near the $68,500 level.
The recent high was formed near $68,240 and the price is slowly moving lower. There was a move below the $67,500 level. The price dipped below the 50% Fib retracement level of the upward move from the $66,600 swing low to the $68,240 high.
Bitcoin price is now trading above $66,800 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $66,600 swing low to the $68,240 high.
If there is a fresh increase, the price could face resistance near the $68,250 level. The first key resistance is near the $68,500 level. A clear move above the $68,500 resistance might spark another increase in the coming sessions.
The next key resistance could be $68,800. The next major hurdle sits at $69,200. A close above the $69,200 resistance might push the price further higher. In the stated case, the price could rise and test the $70,000 resistance.
