Bitcoin price found support at $67,000 and started a fresh increase. BTC climbed above $69,500 and might continue to rise in the near term.
- Bitcoin started a decent increase above the $68,500 and $69,500 resistance levels.
- The price is trading above $68,500 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it settles above the $69,500 level.
Bitcoin Price Remains Traction
Bitcoin price extended its decline below the $67,200 level. BTC retested the $66,650 zone and recently started a fresh increase. There was a clear move above the $68,500 resistance zone.
There was a break above a key bearish trend line with resistance at $68,000 on the hourly chart of the BTC/USD pair. The pair even cleared the $69,500 resistance zone and spiked above $70,000. A high was formed at $70,253 and the price is now correcting gains.Bitcoin is now trading above $68,500 and the 100 hourly Simple moving average. It is also holding gains above the 50% Fib retracement level of the upward move from the $67,283 swing low to the $70,253 high. On the upside, the price is facing resistance near the $69,200 level.
The first major resistance could be $69,550. The next key resistance could be $70,000. A clear move above the $70,200 resistance might send the price higher. In the stated case, the price could rise and test the $70,600 resistance. Any more gains might send BTC toward the $72,000 resistance.