Can Bulls Push to $70K Subsequent?

Bitcoin worth prolonged features above the $68,000 resistance degree. BTC bulls appear to be in motion, and so they would possibly intention for a transfer towards the $70,000 degree.

• Bitcoin began a recent enhance above the $66,500 resistance zone.
• The value is buying and selling above $66,500 and the 100 hourly Easy shifting common.
• There’s a connecting bullish development line forming with help at $66,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair would possibly lengthen features and commerce above the $68,800 resistance zone.

Bitcoin Worth Climbs Additional Larger

Bitcoin worth remained well-supported above the $65,500 and $66,000 resistance ranges. BTC began a recent enhance and was capable of clear the $66,500 resistance.

There was a transparent transfer above the $67,200 degree and the worth even climbed above $68,000. A excessive was fashioned at $68,531 and the worth is now consolidating features. There was a transfer towards the 23.6% Fib retracement degree of the upward transfer from the $65,857 swing low to the $68,531 excessive.

Bitcoin worth is now buying and selling above $66,500 and the 100 hourly Easy shifting common. There may be additionally a connecting bullish development line forming with help at $66,500 on the hourly chart of the BTC/USD pair. The development line is near the 61.8% Fib retracement degree of the upward transfer from the $65,857 swing low to the $68,531 excessive.

If there’s a recent enhance, the worth may face resistance close to the $68,500 degree. The primary key resistance is close to the $68,800 degree. A transparent transfer above the $68,800 resistance would possibly spark one other enhance within the coming classes.

The subsequent key resistance could possibly be $69,500. The subsequent main hurdle sits at $70,000. A detailed above the $70,000 resistance would possibly push the worth additional greater. Within the acknowledged case, the worth may rise and check the $72,000 resistance.

Are Dips Restricted In BTC?

If Bitcoin fails to climb above the $68,500 resistance zone, it may begin a draw back correction. Speedy help on the draw back is close to the $67,600 degree.

The primary main help is $67,200. The subsequent help is now close to $66,500 and the development line. Any extra losses would possibly ship the worth towards the $65,500 help zone within the close to time period.

Technical indicators:

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

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

Main Help Ranges – $67,200, adopted by $66,500.

Main Resistance Ranges – $68,500, and $68,800.