Bitcoin price poised for fresh gains: Markets gear up for gains
Bitcoin price may retest $70,000 soon
Bitcoin price remains in the positive zone above the $65,500 resistance area. BTC broke above the $66,800 and $67,500 levels to move further into the positive zone. The bulls even pushed the price above the $68,000 resistance.
There was a break above a key bearish trend line with resistance at $68,200 on the hourly chart of the BTC/USD pair. The pair accelerated gains and broke above the 76.4% Fibonacci retracement level of the upward move from the $69,398 high to $66,6274 low.
Bitcoin price is currently trading above the $68,500 level and the 100 hourly simple moving average. If the price continues to rise, it is likely to face resistance near $69,800.
The first key resistance is near $70,000 which is the 1.236 Fibonacci extension level of the downtrend from the $69,398 high to $66,6274 low. A clear break above the $70,000 resistance level could propel the price further upwards in the coming sessions.
The next key resistance level could be $70,800. The next major hurdle is $71,200. A close above the $71,200 resistance level could spark a bullish move. In such a case, the price could rise and test the $72,000 resistance level.
Is BTC’s downside limited?
If Bitcoin fails to break the $70,000 resistance level, it could fall again. An immediate support on the downside is near $68,750.
The first major support level is $68,000. The next support is currently located near $67,250 and the 100 hourly simple moving average. If the price declines further, it could drop to the $66,500 support area in the short 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.
Major support level – $68,750, followed by $68,000.
Major resistance levels – $69,800 and $70,000.
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