December 18, 2024

CryptoInfoNet

Cryptocurrency News

Bitcoin Price Targets Major Breakout as Price Corrections Become Appealing

Bitcoin Price Aims Key Upside Break As Dips Turn Attractive

Bitcoin price is once again attempting to break upside resistance at $68,000. BTC may see a rally if it can surpass $67,500 and $68,000 in the short term.

Bitcoin price has seen a decent increase above the $65,000 level. However, it is currently trading below $65,000 and the 100-hourly Simple Moving Average. There is a bullish trend line with support at $65,900 on the hourly chart of the BTC/USD pair from Kraken. To start a new rally, the pair needs to break above the $68,000 resistance zone.

Bitcoin Price Turns Green

Bitcoin price found support above $64,000 and climbed higher past the $66,500 and $66,000 resistance levels. Despite this, it faced resistance near $67,500 and $68,000. The price reached a high near $67,614 before consolidating gains.

Currently, it is trading close to the 23.6% Fib retracement level between the $62,614 low and $67,614 high. Bitcoin is also above $65,000 and the 100-hourly SMA. The bullish trend line at $65,900 remains crucial, with immediate resistance near $67,500 and major resistance at $68,000.

Bitcoin Price

Source: BTCUSD on TradingView.com

If Bitcoin can break above the $68,000 resistance, it might continue to strengthen and surpass $69,200 in the short term, with the next key resistance at $70,000.

Another Decline In BTC?

If Bitcoin fails to break above $68,000, it could face another decline. Immediate support is near $66,000 and the trend line. The first major support is at $65,200, followed by $63,800 and $61,200. Further losses could lead to a drop towards the $60,500 support zone.

Technical indicators:

Hourly MACD shows a loss of bullish momentum.

Hourly RSI for BTC/USD is above 60.

Major Support Levels: $65,900, $63,800.

Major Resistance Levels: $67,500, $68,000, $69,200.

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