The price of Bitcoin found support near $67,000 and ushered in a new wave of upward momentum. BTC successfully broke through the key resistance level of $69,500 and is expected to continue to rise in the short term.
Recently, there was a massive increase in the bitcoin price and it has managed to break the key resistance levels of $68,500 and $69,500. Currently, the price is not only above $68,500 but also above the 100 hourly simple moving average.
According to the BTC/USD hourly chart data provided by Kraken, the Bitcoin price broke through an important downtrend line and also successfully broke through the resistance level near $68,000.
If the Bitcoin price can stabilize above $69,500, there is a possibility of more bullish momentum.
In general, Bitcoin has shown a strong upward trend recently, and breaking through important resistance levels has brought positive signals to the market. Investors can pay attention to further price movements in order to seize possible trading opportunities.
Bitcoin prices have been performing strongly. Although they once fell to around $67,200, they then retested the $66,650 area and quickly began to rise. Recently, BTC prices have clearly broken through the $68,500 resistance level.
On the hourly chart of the BTC/USD pair, a key downtrend line with resistance around $68,000 was successfully broken. The pair even managed to break through the $69,500 resistance area and surged above $70,000. It reached a high of $70,253 and is currently undergoing a price correction.
Currently, the first important resistance level faced by Bitcoin may be at $69,550, while the next key resistance level may be $70,000. If the price can significantly break above the $70,200 resistance, then the price is likely to rise higher. In this case, the price may rise and test the $70,600 resistance. If gains continue, Bitcoin may head towards the $72,000 resistance level.
Bitcoin falls again?
If Bitcoin fails to clear the $69,500 resistance zone, it could see another decline. The immediate support on the downside is around $68,750.
The first major support is located at $68,400. The next support is currently formed at around $68,000. If the price declines further, it could drop to the $67,200 support area in the near term.
Technical indicators show that the hourly MACD is currently in the bullish zone and is accelerating upwards. The hourly RSI (Relative Strength Index) shows that the RSI for BTC/USD is now above the 50 level.
To sum up, the major support level is $68,400 and the minor support level is $68,000. The major resistance levels are $69,500 and $70,000.
Overall, Bitcoin is currently in a high-level oscillation range. There is a possibility of a rebound in the short term, but it is necessary to pay close attention to the changes in key technical indicators to confirm the trend. It is recommended to focus on high-altitude trading within the range, and consider going long when the bottom support is not broken. If the support level is effectively broken, a new round of downward trend may begin.
Please operate with caution and set stop loss appropriately to prevent unnecessary losses due to market fluctuations. Be careful to prevent the possibility of the main force washing the market and maintain a flexible trading strategy.
