Bitcoin Value Gears Up for New Surge: Market Anticipates Upward Movement

Anticipation of Bitcoin Price Leap

The Bitcoin market has witnessed a renewed upward trend, breaking past the $68,000 resistance point. BTC now appears to be on track for an approach to the $70,000 resistance mark.

• Having established a solid foundation, Bitcoin has ushered in a fresh wave of gains above the $68,000 resistance area.
• The current trading price is north of $68,500 with the support of the 100 hourly Simple Moving Average.
• The BTC/USD pair, which is sourced from Kraken data, has breached a substantial bearish trend line at the $68,200 resistance on the hourly chart.
• In the near future, the price may continue its ascent towards the $70,000 and $70,800 benchmarks.

BTC Price On The Verge of Revisiting $70,000?

Remaining buoyant above the $65,500 mark, Bitcoin’s price has progressed positively, overcoming the $66,800 and $67,500 barriers, thereby strengthening its upward momentum. A noteworthy rally above the $68,000 resistance line was catalyzed by enthusiast bulls.

A significant bullish trend line has been eclipsed at the $68,200 resistance level on the BTC/USD hourly chart. Subsequently, the pair has surged past the 76.4% Fib retracement level signaling the recent downturn from the $69,398 swing high to the $66,6274 low.

The Bitcoin price is trading commendably above the $68,500 mark and the 100 hourly Simple Moving Average. The forward trajectory could encounter resistance near $69,800.

A pivotal resistance point looms at $70,000 or the 1.236 Fib extension level of the recent decline from the $69,398 swing high to the $66,6274 low. A decisive break above the $70,000 threshold could pave the way for further advances in subsequent sessions.

The upcoming significant resistance is identified to be near $70,800, while a substantial barrier is found at the $71,200 level. Surpassing the $71,200 resistance may ignite a bullish trajectory. In such a scenario, it is plausible for the price to test the resistance at $72,000.

Is BTC Poised To Maintain Its Ascent?

Should Bitcoin falter in its climb above the $70,000 resistance zone, a downward correction could ensue. The immediate downside support is situated near $68,750.

The foremost substantial support is placed at $68,000, followed closely by support near $67,250 and the 100 hourly Simple Moving Average. A further slide could drive the price direction towards the support vicinity of around $66,500 in the short-run.

Technical indicators:

• Hourly MACD – The MACD for BTC/USD is now accelerating within the bullish territory.
• Hourly RSI (Relative Strength Index) – The RSI is presently settled over the 50 mark.
• Primary Support Levels – $68,750 and subsequently $68,000.
• Primary Resistance Levels – $69,800 and $70,000.