Bitcoin Starts Fresh Rally, Why BTC Could Breach $70K This Time
Bitcoin price started a fresh rally above $65,000 against the US Dollar. BTC is showing positive signs and it could rise further towards $70,000.
- Bitcoin started a fresh increase above the $62,500 and $63,500 resistance levels.
- The price is now trading above $65,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate further higher once there is a close above the $66,000.
Bitcoin Price Gains Pace
Bitcoin price remained well bid above the $60,000 support zone. As a result, BTC started a fresh rally above the $62,500 and $63,500 resistance levels.
The bulls even pumped the price above the $65,000 level and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $61,550 on the hourly chart of the BTC/USD pair.
The pair gained pace for a move above the $65,500 level. A high is formed near $65,681 and the price is now consolidating gains.
Bitcoin is trading well above the 23.6% Fib retracement level of the upward move from the $60,129 swing low to $65,681 high. On the upside, an immediate resistance is near the $65,500 level. The first major resistance is near the $66,000 level.
Source: BTCUSD on TradingView.com
A clear break above $66,000 resistance may possibly call open the doors for a fresh rally. The next major resistance sits near the $68,500 level. Any more gains might lead the price towards the $70,000 level.
Dips Limited in BTC?
If bitcoin fails to clear the $66,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $64,500 level.
The first major support is now forming near the $63,000 level. It is near the 50% Fib retracement level of the upward move from the $60,129 swing low to $65,681 high. A clear close below the $63,000 support could open the doors for a move towards the $62,500 level. The main breakdown support is near $61,200 and the 100 hourly SMA, below which the price could accelerate losses.
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $64,500, followed by $63,000.
Major Resistance Levels – $65,500, $66,000 and $68,500.