25 October 2024
Bitcoin price is attempting a fresh increase above the $37,000 zone. BTC could gain pace if it clears the $68,800 resistance zone.
Bitcoin started a fresh increase from the $65,200 zone.
The price is trading above $67,500 and the 100 hourly Simple moving average.
There is a new connecting bullish trend line forming with support at $67,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $68,800 resistance zone.
Bitcoin Price Starts Fresh Increase
Bitcoin price found support near the $65,200 zone. A low was formed at $65,199 and the price started a fresh increase above the $67,000 resistance.
The price climbed above the $67,500 and $68,000 levels. It even cleared the $68,500 level. A high was formed at $68,794 and the price is now consolidating gains. There was a minor decline below the $68,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $65,199 swing low to the $68,794 high.
Bitcoin price is now trading above $67,500 and the 100 hourly Simple moving average. There is also a new connecting bullish trend line forming with support at $67,450 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $68,250 level. The first key resistance is near the $68,500 level. A clear move above the $68,500 resistance might send the price higher. The next key resistance could be $68,800.
A close above the $68,800 resistance might initiate more gains. In the stated case, the price could rise and test the $69,500 resistance level. Any more gains might send the price toward the $70,000 resistance level.
Another Decline In BTC?
If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support on the downside is near the $67,800 level.
The first major support is near the $67,500 level and the trend line. The next support is now near the $67,000 zone and the 50% Fib retracement level of the upward move from the $65,199 swing low to the $68,794 high. Any more losses might send the price toward the $66,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $67,500, followed by $67,000.
Major Resistance Levels – $68,500, and $68,800.