Blog

Bitcoin worth is up over 8% and buying and selling above the $67,500 resistance. BTC is eyeing a brand new all-time excessive and will even hit the $70,000 degree.

• Bitcoin worth is transferring larger above the $66,500 assist zone.
• The worth is buying and selling above $67,500 and the 100 hourly Simple transferring common.
• There is a connecting bullish development line forming with assist at $66,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may speed up larger towards the $69,200 resistance and even $70,000.

Bitcoin Price Rallies Again

Bitcoin worth remained well-bid above the $65,000 support zone. A brand new assist base was fashioned, and the value began one other rally above the $66,000 degree. There was a gradual enhance towards the $67,500 degree.

The worth is up over 8% and it traded near the final all-time excessive. A excessive is fashioned at $68,786 and the value is now consolidating good points above the 23.6% Fib retracement degree of the upward transfer from the $61,400 swing low to the $68,786 excessive.

Bitcoin is now buying and selling above $67,500 and the 100 hourly Simple moving average. There can also be a connecting bullish development line forming with assist at $66,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance is close to the $68,800 degree. The subsequent key resistance may very well be $69,200, above which the value may rise towards the $70,000 resistance zone. If there’s a clear transfer above the $70,000 resistance zone, the value may rise towards the $71,200 degree. Any extra good points may ship the value towards the $75,000 degree.

Downside Correction In BTC?

If Bitcoin fails to rise above the $68,800 resistance zone, it may begin one other draw back correction. Immediate assist on the draw back is close to the $67,000 degree.

The first main assist is $66,000 or the development line. If there’s a shut under $66,000, the value may begin an honest pullback towards the 50% Fib retracement degree of the upward transfer from the $61,400 swing low to the $68,786 excessive or $65,000. Any extra losses may ship the value towards the $63,200 assist zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.

Major Support Levels – $67,000, adopted by $66,000.

Major Resistance Levels – $68,800, $69,200, and $70,000.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding choices. Use info supplied on this web site solely at your individual danger.