After surpassing the $66,000 resistance level, the price of Bitcoin has entered a period of consolidation. Currently, Bitcoin is aiming for a further increase above the $67,200 resistance level, indicating potential for the next upward move.
Bitcoin is aiming for a notable rise above the $67,200 resistance zone, trading above $65,500 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair from Kraken, a bullish trend line is forming with support at $65,900. The pair might experience bullish momentum upon surpassing the $67,200 resistance level.
Bitcoin Price Analysis: Potential Upside Targets
Fresh Increase Above Key Resistance Levels: Bitcoin’s price has initiated a new uptrend, surpassing crucial resistance levels at $65,500 and $66,000. BTC even surged past $67,000, reaching a high of $67,200 before consolidating its gains.
Stability Above Support Levels: Although there was a minor decline below $66,500, Bitcoin remained stable above key support levels. The price held above the 23.6% Fibonacci retracement level of the recent upward move from the $64,280 swing low to the $67,200 high. Additionally, Bitcoin is still trading above $65,500 and the 100 hourly Simple Moving Average.
Bullish Momentum and Key Levels: On the hourly chart of the BTC/USD pair, a bullish trend line is forming with support at $65,900. This trend line aligns closely with the 50% Fibonacci retracement level of the upward move from the $64,280 swing low to the $67,200 high.
Potential Resistance and Upside Targets: Immediate resistance is anticipated near the $67,000 level, with the first major resistance at $67,200. A decisive move above this level could propel the price higher, with the next resistance lying at $68,500. Further upward momentum could push Bitcoin towards the $70,000 mark.
Source: BTCUSD on TradingView.com
Higher Targets and Outlook: Looking ahead, the next major resistance zone is around $70,500. Subsequent gains could potentially lead Bitcoin towards the $72,000 resistance zone in the near term.
Bitcoin Price Analysis: Potential Downside Scenarios
Should Bitcoin fail to break above the $67,000 resistance zone, a downside correction may ensue. Immediate support lies near the $66,200 level.
The first major support level is at $66,000, corresponding to the trend line. A close below $66,000 could initiate a decline towards the $65,400 support level. Further losses might lead the price towards the $64,200 support zone in the near term.
Technical Indicators
- Hourly MACD: The MACD is currently losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is presently above the 50 level, indicating potential for further movement.
Major support levels to monitor include $66,200, followed by $66,000. On the upside, major resistance levels are positioned at $67,000, $67,200, and $68,500.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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