Bitcoin's price extended its rise above the $67,500 resistance level, reaching as high as $68,000 before starting to correct its gains. Currently, Bitcoin is trading below $67,000 and the 100-hourly simple moving average. The price experienced a break below a bullish trend line, finding support at $65,900 on the hourly BTC/USD chart (data from Kraken). The pair may see another upward movement unless the bears manage to push it below the $65,900 level.
Despite these corrections, Bitcoin remained stable above $66,500, extending its gains beyond the $67,200 and $67,500 resistance levels to achieve a new weekly high of $67,984. The subsequent downside correction saw the price fall below the $67,000 support zone and dip below the $66,500 support area, indicating some short-term bearish pressure.
Read more: Michael Saylor Breaks Silence on Bitcoin: “Bet on Bitcoin”
Can Bitcoin Break Through $67,000 Again?
Bitcoin's price is currently trading below $67,000 and the 100-hourly simple moving average. After forming a low at $65,922, the price is attempting a fresh increase. There was a move above the $66,200 level, and the price climbed past the 23.6% Fibonacci retracement level of the downside correction from the $67,984 swing high to the $65,922 low.
Currently, Bitcoin faces resistance near the $66,500 level and the 100-hourly simple moving average. The first major resistance could be at $66,950, aligning with the 50% Fibonacci retracement level of the recent downside correction. The next key resistance is at $67,500. A clear move above this level might propel the price higher, potentially testing the $68,000 resistance.
Read more: Ripple’s XRP Shines in Q1 2024: A Resilient Quarter Amid Legal Challenges
Source: TradingView
If the bullish momentum continues, Bitcoin's price could rise towards the $68,800 resistance zone. Further gains might push BTC towards the $70,000 barrier. However, if Bitcoin fails to surpass the $66,500 resistance zone, it could resume its downward movement. Immediate support on the downside is near the $66,000 level and the trend line.
Read more: Wall Street Just Shook the Crypto World: US Banks Partner with Chainlink (LINK Price Soars 6.8%)
The first major support lies at $65,500, with the main support forming around $64,500. Should there be additional losses, the price might drop toward the $63,150 support zone in the near term.
See more: Cryptocurrency Prices and Market Cap
Website: https://www.bitrue.com/
Sign Up: https://www.bitrue.com/user/register
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.