Bitcoin is once again attempting to break the $68,000 resistance barrier. Surpassing the levels of $67,500 and $68,000 could trigger a revival for BTC in the near future.
Bitcoin Gains Ground
Bitcoin has maintained support above the $64,000 resistance level and climbed above the resistance levels of $66,500 and $66,000. However, resistance has been encountered at the levels of $67,500 and $68,000.
After reaching a peak near $67,614, the price is now consolidating gains. It is close to the 23.6% Fibonacci retracement level from the last rise from $62,614 to the peak of $67,614. Bitcoin is trading above $65,000 and the 100-hour moving average.
On the hourly chart of BTC/USD, a key bullish trendline is forming with support at $65,900. Immediate resistance lies at $67,500, with the first significant resistance at $68,000.
A breakthrough above the resistance zone of $68,000 could lead to further growth, possibly even above the resistance of $69,200. Another significant resistance level is set at $70,000.
Possible Further Decline for BTC?
If Bitcoin fails to surpass the $68,000 resistance, it could trigger further decline. The first immediate support is at $66,000 and the trendline.
The main support lies at $65,200, corresponding to the 50% Fibonacci retracement level of the rise from $62,614 to $67,614. Further support is at $63,800. If the price falls below $63,800, it could head towards $61,200. Any further decline could lead to testing the support at $60,500.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“