Bitcoin Price Gains Momentum: Bullish Surge Ahead?

Bitcoin price found support at $67,000 and started a fresh increase. BTC climbed above $69,500 and might continue to rise in the near term.

• Bitcoin started a decent increase above the $68,500 and $69,500 resistance levels.
• The price is trading above $68,500 and the 100 hourly Simple moving average.
• There was a break above a key bearish trend line with resistance at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it settles above the $69,500 level.

Bitcoin Price Remains Traction

Bitcoin price extended its decline below the $67,200 level. BTC retested the $66,650 zone and recently started a fresh increase. There was a clear move above the $68,500 resistance zone.

There was a break above a key bearish trend line with resistance at $68,000 on the hourly chart of the BTC/USD pair. The pair even cleared the $69,500 resistance zone and spiked above $70,000. A high was formed at $70,253 and the price is now correcting gains.

There was a move below the $69,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $67,283 swing low to the $70,253 high.

Bitcoin is now trading above $68,500 and the 100 hourly Simple moving average. It is also holding gains above the 50% Fib retracement level of the upward move from the $67,283 swing low to the $70,253 high. On the upside, the price is facing resistance near the $69,200 level.

The first major resistance could be $69,550. The next key resistance could be $70,000. A clear move above the $70,200 resistance might send the price higher. In the stated case, the price could rise and test the $70,600 resistance. Any more gains might send BTC toward the $72,000 resistance.

Another Decline In BTC?

If Bitcoin fails to climb above the $69,500 resistance zone, it could start another decline. Immediate support on the downside is near the $68,750 level.

The first major support is $68,400. The next support is now forming near $68,000. Any more losses might send the price toward the $67,200 support zone in the near term.

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 above the 50 level.

Major Support Levels – $68,400, followed by $68,000.

Major Resistance Levels – $69,500, and $70,000.

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