Bitcoin Price Regains $68K: Can Bulls Push to $70K Next?
22 Juli 2024 - 5:03AM
NEWSBTC
Bitcoin price extended gains above the $68,000 resistance level.
BTC bulls seem to be in action, and they might aim for a move
toward the $70,000 level. Bitcoin started a fresh increase above
the $66,500 resistance zone. The price is trading above $66,500 and
the 100 hourly Simple moving average. There is a connecting bullish
trend line forming with support at $66,500 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair might extend
gains and trade above the $68,800 resistance zone. Bitcoin Price
Climbs Further Higher Bitcoin price remained well-supported above
the $65,500 and $66,000 resistance levels. BTC started a fresh
increase and was able to clear the $66,500 resistance. There was a
clear move above the $67,200 level and the price even climbed above
$68,000. A high was formed at $68,531 and the price is now
consolidating gains. There was a move toward the 23.6% Fib
retracement level of the upward move from the $65,857 swing low to
the $68,531 high. Bitcoin price is now trading above $66,500 and
the 100 hourly Simple moving average. There is also a connecting
bullish trend line forming with support at $66,500 on the hourly
chart of the BTC/USD pair. The trend line is close to the 61.8% Fib
retracement level of the upward move from the $65,857 swing low to
the $68,531 high. If there is a fresh increase, the price could
face resistance near the $68,500 level. The first key resistance is
near the $68,800 level. A clear move above the $68,800 resistance
might spark another increase in the coming sessions. The next key
resistance could be $69,500. The next major hurdle sits at $70,000.
A close above the $70,000 resistance might push the price further
higher. In the stated case, the price could rise and test the
$72,000 resistance. Are Dips Limited In BTC? If Bitcoin fails to
climb above the $68,500 resistance zone, it could start a downside
correction. Immediate support on the downside is near the $67,600
level. The first major support is $67,200. The next support is now
near $66,500 and the trend line. Any more losses might send the
price toward the $65,500 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 – $67,200,
followed by $66,500. Major Resistance Levels – $68,500, and
$68,800.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024