Bitcoin price has continued its upward trend, surpassing the $68,000 resistance level. This surge in price has been fueled by bullish momentum, with traders eyeing a potential move towards the $70,000 mark.
Bitcoin’s price started a fresh increase above the key $66,500 resistance zone, signaling a renewed uptrend. The cryptocurrency is currently trading above $66,500 and the 100 hourly Simple Moving Average (SMA). Additionally, a connecting bullish trend line has formed with support at $66,500 on the hourly chart of the BTC/USD pair, as per data from Kraken.
After reaching a high of $68,531, Bitcoin’s price is now consolidating its gains. Despite a slight pullback from the peak, the overall trend remains positive. The price is currently testing the 23.6% Fibonacci retracement level of the recent upward move from the $65,857 swing low to the $68,531 high.
Potential Upside Targets
If the bullish momentum continues, Bitcoin’s price could aim for higher resistance levels. The immediate obstacle is the $68,500 mark, followed by the key resistance at $68,800. A decisive move above $68,800 could pave the way for further gains, with the next targets being $69,500 and ultimately $70,000.
Downside Risks
On the flip side, if Bitcoin fails to break above the $68,500 resistance zone, a downside correction may be triggered. The first level of support is around $67,600, followed by the major support at $67,200. Further losses could lead the price towards the $66,500 support level and the aforementioned trend line.
The hourly MACD is showing bullish momentum, indicating a potential continuation of the upward trend. Meanwhile, the Relative Strength Index (RSI) for BTC/USD is above the 50 level, further supporting the bullish case.
Bitcoin’s price surge above $68,000 has generated optimism among traders, with the possibility of reaching $70,000 becoming a real prospect. However, the cryptocurrency market is notoriously volatile, and unexpected price swings are always a possibility. Traders should closely monitor key support and resistance levels to navigate the current market conditions effectively.
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