Bitcoin Breaks $69,500 Mark, Bullish Momentum Predicts Further Rise

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The digital currency Bitcoin recently found robust support at the $67,000, triggering a new wave of increase. It surmounted the significant milestone of $69,500 and forecasters predict a bullish momentum that suggests further rises in the near future.

The price of the coveted cryptocurrency experienced a substantial surge above the resistance levels of $68,500 and $69,500. Trading well over the $68,500 mark, Bitcoin is comfortably standing over the 100 hourly simple moving average. A noteworthy event was the breakthrough of a critical bearish trend line which had resistance at $68,000, as depicted on the hourly chart of the BTC/USD pair.

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Enthusiasts believe that this pair might experience a bullish momentum if it establishes itself solidly above the $69,500 level.

The Bitcoin price continued its downward trajectory below the $67,200 benchmark before rebounding. Bitcoin tested the $66,650 zone before reversing its course and initiating a fresh ascent. Significantly, the resistance zone of $68,500 was successfully breached during this advancement.

The key bearish trend line that had previously shown formidable resistance at the $68,000 mark on BTC/USD’s hourly chart was effectively breached in this upward swing. Not limiting its run here, the pair went on to clear the $69,500 resistance zone and even soared past $70,000. Topping off at a high of $70,253, the price has, however, started correcting its gains.

On the reverse swing, there was a slight lapse below the $69,500 mark. The price lowered beneath the 23.6% Fib retracement level, which pertains to the upward movement escalating from the swing low of $67,283 to the high of $70,253.

Currently, Bitcoin is trading above $68,500 along with the 100 hourly simple moving average. Impressively, it’s safeguarding its gains above the 50% Fib retracement level of the upward trajectory that spans from the $67,283 swing low to the $70,253 high. Despite this ascension, the price confronts some resistance near the $69,200 level.

Two major resistance points lie ahead – first at $69,550 and then the significant $70,000 mark. A clean sweep over the $70,200 resistance may steer the price even loftier. In such a scenario, the price might rise further to test the $70,600 resistance. Any more gains could propel Bitcoin towards the $72,000 resistance.

However, if Bitcoin struggles to scale above the $69,500 resistance zone, another downturn might be on the cards. The immediate support on the downside is pegged near the $68,750 level.

The first significant support could be found at $68,400. Yet another support is shaping up near the $68,000 level. Any further losses might navigate the price towards the $67,200 support zone in the near term.

Analysts have, however, brought attention to two technical indicators. The hourly MACD indicator suggests the MACD is currently accelerating its pace in the bullish zone. Simultaneously, the hourly RSI (Relative Strength Index) specifies that the RSI for BTC/USD is now above the 50 level.

It appears we are set for an interesting ride in the digital currency roller coaster, with significant support levels situated at $68,400 and $68,000, and the major resistance levels graveled at $69,500 and $70,000.