The fluctuating market in the cryptocurrency world is witnessing another intriguing phase as Bitcoin is yet again attempting to breach a decisive resistance threshold of $68,000. Indicators seem promising, suggesting that a sizable rally could be on the cards if Bitcoin manages to supersede $67,500 and $68,000 soon.
In a noteworthy pivot, the price of Bitcoin initiated an appreciable surge beyond the $65,000 territory. Despite its current trading statistics being below the $65,000 mark and the 100 hourly Simple Moving Average, the cryptocurrency is demonstrating substantial bullish trends – fuelling hopes of investors worldwide.
This bullish trendline, finding its foundation at a support level of $65,900 on the hourly chart of the BTC/USD pair, may be indicative of an imminent breakout. Bitcoin overcoming the formidable barrier of $68,000 resistance will be vital in determining the advent of a fresh rally.
Bitcoin’s ascent was marked by formidable resistance, managing to stay supported above the $64,000 zone. It steadily elevated beyond the $66,000 and $66,500 resistance rungs. Notwithstanding, the upward march encountered fierce bearish resistance near the levels of $67,500 and $68,000. It resulted in a peak close to $67,614 before consolidating its gains and trading around the 23.6% Fib retracement level of the upswing from the $62,614 low to the recent $67,614 high.
In the current scenario where Bitcoin price is now trading over the $65,000 mark and the 100 hourly Simple Moving Average, a formidable bullish trendline has emerged with a promising support level of $65,900. The initial significant resistance could be placed at $68,000. Overcoming this level would unquestionably mark a critical milestone.
Illustrating on prospective scenarios, should Bitcoin make a potent move beyond the $68,000 resistance mark, it could continue to accumulate strength. If this transpires, experts foresee that Bitcoin could potentially chart past the $69,000 resistance zone in the near future, with the subsequent key resistance ensconced at the $70,000 mark.
On the flip side, if Bitcoin fumbles in its endeavor to scale past the $68,000 resistance barrier, it could trigger another decline. The immediate downside support rests near the $66,000 mark and along the aforementioned trendline.
The initial potent support is speculated to be around $65,200 or at the 50% Fib retracement level of the appreciable upswing from the low of $62,614 to the high of $67,614. Subsequent support finds itself at $63,800. In case of a close under $63,800, the price could revert into a decline towards the $61,200 level. Any further losses may direct the Bitcoin price towards the $60,500 support cushion in the near term.
The technical landscape is evidenced by the fading pace of the MACD in the bullish zone and the RSI for BTC/USD vaulting above the 60 level. Major support levels dwindle at $65,900 and $63,800 successively. On the other hand, significant resistance levels stiffen around $67,500, $68,000, and then $69,200.
