Bitcoin’s price remains tightly constrained below the significant $68,500 resistance zone, embarking on a consolidation phase as it holds onto its gains. With the current trading position above $66,800 and the 100-hourly Simple Moving Average, all signs suggest a potential upward move on the horizon.
The cryptocurrency recently extended its rise beyond key resistance levels at $66,500 and $67,000, even momentarily surpassing $68,000 before descending under bearish pressure. The highest recent point was $68,240, marking the onset of a gradual decline. Notably, the price slipped below the $67,500 mark and breached the 50% Fibonacci retracement level of the jump from the $66,600 low to the $68,240 peak.
Bitcoin is currently stabilizing above $66,800 with continued support from the 100-hourly Simple Moving Average. A significant bullish trend line has emerged, aligning closely with the 61.8% Fibonacci retracement level from the $66,600 low to the $68,240 high, suggesting robust support at $62,200.
Should Bitcoin initiate another upward surge, immediate resistance is anticipated at the $68,250 level, followed by a critical barrier at $68,500. Surpassing this threshold could catalyze further gains. Upcoming resistance points include $68,800 and the formidable $69,200 mark. Overcoming $69,200 could propel Bitcoin towards the psychological $70,000 level, which would represent a significant bullish breakthrough.
Conversely, if Bitcoin struggles to breach the $68,250 resistance, a downside correction could ensue. Initial support is projected near $67,200, with primary support anchored at $66,600. A break below this could see Bitcoin testing the $66,000 threshold. Further declines might drive the cryptocurrency towards the $65,500 support zone, highlighting critical levels to watch in the short term.
Technical indicators reflect these dynamics, with the Hourly MACD losing momentum in the bullish territory and the RSI for BTC/USD hovering above the 50 mark, indicating a cautious yet positive outlook. Key support levels are identified at $67,200 and $66,600, while resistance zones are pegged at $68,250 and notably at $68,500, forming a pivotal area that may determine Bitcoin’s immediate trajectory.
