Key Takeaways:
Bitcoin started a fresh increase above the $68,500 resistance.
BTC/USD cleared a bullish continuation pattern with resistance at $68,000 on the daily chart.
The price is eyeing more gains above $73,500 and a new all-time high.
Bitcoin technical analysis (2)
Bitcoin price is consolidating gains above the $70,000 zone. BTC could consolidate for some time before a fresh rally to a new ATH.
Bitcoin Price Sights New ATH
In the past few days, Bitcoin price saw a steady increase above the $66,500 resistance zone. BTC settled above the $70,000 resistance and the 50-day simple moving average (blue) to move into a positive zone. The last swing low was at $65,265 before there was a fresh surge.
The bulls cleared a bullish continuation pattern with resistance at $68,000 on the daily chart. It opened the doors for a fresh rally above the $72,000 resistance zone.
Bitcoin price daily chart | Source: BTC/USD on TradingView.com
Bitcoin price extended gains above $73,000 but failed to set a new all-time high. A high was formed at $73,525 and the price is now consolidating gains. There was a minor pullback below the $72,500 level.
The price tested the 23.6% Fib retracement level of the upward move from the $65,265 swing low to the $73,525 high. Immediate resistance on the upside is near the $73,000 level.
The first major resistance is seen near the $73,500 level. To continue higher and trade to a new all-time high, BTC price must settle above the $73,500 resistance zone. The next resistance is seen near the $75,000 zone.
A daily close above the $75,000 resistance zone could set the pace for a larger rally. In the stated case, the bulls might push the price toward the $80,000 resistance. The next stop for the bulls could be $83,500 or even $85,000.
Downside Correction In BTC?
Conversely, Bitcoin price might struggle near $73,000 or $73,500 and start another decline. Immediate support on the downside is near the $71,500 level.
The first major support is near the $69,400 level and the 50% Fib retracement level of the upward move from the $65,265 swing low to the $73,525 high. The main support is now near the $67,200 level. A downside break below the $67,200 level could send the price toward a connecting bullish trend line, the 50-day simple moving average (blue), and $64,000.
A downside break below the $64,000 support zone could spark bearish moves. In the stated case, the price might decline toward the $62,500 zone. Any more losses could open the doors for a move toward the $60,000 support zone.
Overall, Bitcoin is just shy of a new all-time high. BTC might consolidate above $68,000 for some time before the bulls aim for a push above $73,500.
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