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#bitcoinprice Regains $68K: Can Bulls Push to $70K Next?
Bitcoin has extended its gains beyond the $68,000 resistance level, with bullish momentum targeting $70,000.
Bitcoin Price Overview
- Current Position: Bitcoin is trading above $66,500 and the 100-hour Simple Moving Average, indicating strong bullish momentum.
- Support Level: A bullish trend line is forming with support at $66,500 on the hourly BTC/USD chart (data from Kraken).
- Recent Action: The price surged past $66,500, peaking at $68,531. It is now consolidating near the 23.6% Fib retracement level of the move from $65,857 to $68,531.
Key Price Levels
- Resistance: Bitcoin may face resistance around $68,500. A breakthrough above $68,800 could lead to further gains, with next key resistance levels at $69,500 and $70,000. A move above $70,000 might push the price towards $72,000.
- Support: If Bitcoin fails to exceed $68,500, it could see a downward correction. Immediate support is at $67,600, followed by $67,200 and $66,500. Further declines could lead to testing the $65,500 support level.
Technical Indicators
- Hourly MACD: Gaining bullish momentum.
- Hourly RSI: Above the 50 level.
Summary
Bitcoin's price remains strong above $66,500, with the potential for additional gains if resistance levels are breached. However, failure to move above $68,500 could lead to a decline, with key support levels marking critical points for potential reversals.
Source - newsbtc.com
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