Bitcoin price started a fresh rally above $67,000 against the US Dollar. BTC could accelerate higher and it might even test the $70,000 level.
- Bitcoin started a fresh increase above the $65,500 and $67,500 resistance levels.
- The price is now trading above $67,000 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $65,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate further higher towards the $70,000 and $72,000 levels.
Bitcoin Price Extends Rally
Bitcoin price remained stable above the $65,000 support zone. BTC extended its rally above the $65,500 and $66,000 resistance levels. The price even surged above the $67,000 level.
Finally, the price pumped above the $68,000 and traded to a new all-time high at $68,495. It is now trading above $67,000 and the 100 hourly simple moving average. It is also consolidating gains above the $68,000 level.
An initial support is near the $68,000 level. Bitcoin is also trading well above the 23.6% Fib retracement level of the upward move from the $65,200 swing low to $68,495 high. Besides, there is a major bullish trend line forming with support near $65,200 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $68,500 level. The first major resistance is near the $69,000 level. A clear break above $69,000 resistance may possibly call open the doors for a move towards the USD $70,000 level.
The next major resistance sits near the $70,120 level. Any more gains might lead the price towards the $72,000 level.
Dips Limited in BTC?
If bitcoin fails to clear the $69,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $68,000 level.
The first major support is now forming near the $67,700 level. Any more losses may possibly push the price towards the $66,850 level. It is near the 50% Fib retracement level of the upward move from the $65,200 swing low to $68,495 high. The next major support is near the $66,500 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $68,000, followed by $67,700.
Major Resistance Levels – $68,500, $69,000 and $70,000.