Bitcoin Price Targets Major Breakout as Price Corrections Become Appealing
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.
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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