💥💥💥 #bitcoin Price Gains Momentum: Bullish Surge Ahead?

Bitcoin Price Analysis: Potential Bullish Momentum Above $69,500

- Bitcoin's price found support at $67,000 and initiated a fresh increase, climbing above $69,500. BTC might continue to rise in the near term.

Key Points:

- Bitcoin started a steady increase above the $68,500 and $69,500 resistance levels.

- The price is trading above $68,500 and the 100-hourly Simple Moving Average.

- A key bearish trend line with resistance at $68,000 was broken on the hourly chart of the BTC/USD pair (data feed from Kraken).

- The pair could gain bullish momentum if it settles above the $69,500 level.

Bitcoin Price Remains Strong

Bitcoin extended its decline below $67,200, retesting the $66,650 zone before starting a fresh increase. It moved clearly above the $68,500 resistance zone and broke the key bearish trend line at $68,000. The price cleared the $69,500 resistance and spiked above $70,000, reaching a high of $70,253 before correcting.

Bitcoin dipped below $69,500, under the 23.6% Fibonacci retracement from $67,283 to $70,253. It is now trading above $68,500 and the 100-hourly SMA, holding above the 50% Fib retracement. Resistance is at $69,200, with major resistance at $69,550 and $70,000. A move above $70,200 could push the price to $70,600, with further gains potentially reaching $72,000.

Potential for Another Decline

If Bitcoin fails to climb above the $69,500 resistance, it could start another decline. Immediate support is near $68,750, with the first major support at $68,400 and the next at $68,000. Any more losses might send the price toward the $67,200 support zone in the near term.

Technical Indicators:

- Hourly MACD: Gaining pace in the bullish zone.

- Hourly RSI: Above 50.

Support and Resistance Levels:

- Major Support: $68,400, followed by $68,000.

- Major Resistance: $69,500, and $70,000.

Bitcoin's price might continue to rise if it overcomes key resistance levels and sustains upward momentum.

Source - newsbtc.com