Bitcoin's price is once again poised for an upward surge, aiming to breach the crucial $68,000 resistance zone. This move comes as dips in price attract investor interest, signaling a potential rally if key levels are surpassed.
Upside Attempt: Bitcoin's price has seen a notable uptick, surpassing the $65,000 mark. Currently trading below $65,000 and the 100-hourly Simple Moving Average (SMA), the cryptocurrency is striving to break above these levels.
Key Resistance: To initiate a fresh rally, Bitcoin must overcome the significant barrier at $68,000. A successful breach of this zone could pave the way for further upward momentum.
Bitcoin's price has found support above $64,000, witnessing an upward trajectory beyond $66,500 and $66,000 resistance levels. However, resistance near $67,500 and $68,000 has prompted some selling pressure.
Consolidation Phase: Following a high near $67,614, Bitcoin's price is consolidating gains. Currently hovering near the 23.6% Fibonacci retracement level from the recent swing low to high, Bitcoin maintains its position above $65,000 and the 100-hourly SMA.
Support and Resistance: A bullish trend line with support at $65,900 is forming on the hourly chart for the BTC/USD pair. Immediate resistance lies near $67,500, with $68,000 marking a significant hurdle.
Potential Upside: Clearing the $68,000 resistance zone could bolster Bitcoin's strength, potentially leading to further gains towards $69,200 and ultimately $70,000.
Failure to breach the $68,000 resistance could trigger a downturn for Bitcoin. Immediate support is anticipated near $66,000 and the established trend line.
Downside Targets: Major support levels include $65,200 and $63,800, with a close below the latter possibly initiating a drop towards $61,200. Further losses might test the $60,500 support zone in the short term.
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Cointelegraph
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Cointelegraph