Bitcoin Price to Rise: Market Arranges for It
Bitcoin price exceeded the $68000 hurdle. BTC is on the rise and could hit $70000 resistance.
Bitcoin was based and passed 68,000 dollars.
The price is above 68,500 dollars and the 100-hour moving average.
BTC/USD broke a bearish trend line with hurdles at around 68,200 USD on hourly chart.
The two have potential to jump to $70800 and $70000 overnight.
Bitcoin May Retest $70,000
After surpassing resistance levels of over 65500 US Dollars, bitcoin prices were bullish. In order for BTC to continue climbing higher, support levels at 66800 and 67500 dollars had to be broken. Bulls even managed to push past $6800 resistance level.
BTC/USD broke a bearish trend line with hurdles at around 68,200 USD on hourly chart. The pair flew past the Fibonacci retracement level at 76.4% from last high swing at $69,398 down towards $66,6274 low.
Bitcoin is above the price of seventy thousand and also one hundred hours SMA (Simple Moving Average). If it goes up in value there might be some resistance faced around sixty-nine thousand eight hundred dollars ($69800).
Next top can reach seventy-one thousands two hundreds (71200). Next obstacle would be about fifty pips higher – at seventy thousand eight hundreds (70800). This will happen if we keep closing prices above seventy one two hundreds dollar mark ($71200), if not that then we may see another test of seventy-two thousand ($72000).
Are BTC Dips Limited?
If the price fails to break seventy thousand dollars, then Bitcoin may fall again. Immediate support lies around 68,750 dollars.
First major donation is $68000. Next up is a level of around $67250 and 100 hourly Simple moving average. A break below here might drive prices back towards $66500.
The MACD histogram is on an upward movement in the positive zone.
Hourly RSI (Relative strength index) for BTC/USD stands above 50 levels.
Major Support Levels: $68750, $68000
Major Resistance Levels: $69800, $70000
