Bitcoin Price Consolidates Above Support, Breakout Hopes Strengthen

Bitcoin price started a decent increase above $68,000. BTC is now consolidating above $66,250 and might aim for more gains above $68,800.

• Bitcoin started a fresh increase after it settled above the $67,200 support.
• The price is trading above $67,200 and the 100 hourly simple moving average.
• There is a new bearish trend line forming with resistance at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might dip again if it trades below the $66,500 and $66,250 levels.

Bitcoin Price Dips To Support

Bitcoin price managed to form a base above the $66,500 zone. BTC started a fresh increase and was able to surpass the $68,000 resistance zone.

The price even rallied above the $68,800 resistance. Finally, the bears appeared near $70,000. A high was formed at $70,000, and the price recently corrected some gains. There was a move below the 38.2% Fib retracement level of the upward move from the $62,500 swing low to the $70,000 high.

Bitcoin is now trading above $67,000 and the 100 hourly simple moving average. If the price remains stable above $67,000, it could attempt a fresh increase. Immediate resistance is near the $68,000 level. There is also a new bearish trend line forming with resistance at $68,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $68,250 level. A close above the $68,250 resistance might send the price further higher. In the stated case, the price could rise and test the $69,500 resistance. Any more gains might send the price toward the $70,000 level. The next barrier for the bulls could be $70,500 and $71,200.

Downside Continuation In BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support is near the $67,000 level. The first major support is near the $66,250 level or the 50% Fib retracement level of the upward move from the $62,500 swing low to the $70,000 high.

The next support is now near the $65,500 zone. Any more losses might send the price toward the $65,000 support in the near term. The main support now sits at $63,500, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $67,000, followed by $66,500.

Major Resistance Levels – $68,000 and $68,500.