Bitcoin's Upward Movement from $68,000 Support Zone
Bitcoin's price began another increase from the $68,000 support zone, breaking the $69,000 resistance and moving further into positive territory. On the hourly chart of the BTC/USD pair, there was a break above a key bearish trend line with resistance at $69,000.
Climbing Above $70,000 Resistance
The pair even surged above the $70,000 resistance zone, reaching a high of $70,600 before a recent correction. The price moved below the $70,000 level and declined past the 50% Fib retracement level of the upward move from the $67,971 low to the $70,600 high.
Bulls Active Near Key Trend Line
However, the bulls are now active near the same trend line, protecting the 61.8% Fib retracement level of the upward move from the $67,971 low to the $70,600 high. Bitcoin current price is trading above $69,000 and the 100-hour Simple Moving Average (SMA).
Potential Resistance Levels
If there is a fresh increase, the price might face resistance near the $70,000 level. The first major resistance could be at $70,600, followed by the next key resistance at $71,200. A clear move above the $71,200 resistance could propel the price higher, potentially testing the $72,000 resistance. Further gains might push BTC toward the $73,200 resistance.
Possible Downside Movements
If Bitcoin fails to climb above the $70,600 resistance zone, it could continue to decline. Immediate support on the downside is near the $69,000 level, with the first major support at $68,500. The next support is forming near $68,000. Any further losses might drive the price toward the $66,500 support zone in the near term. #Analytics