Bitcoin worth is up over 8% and buying and selling above the $67,500 resistance. BTC is eyeing a brand new all-time excessive and will even hit the $70,000 stage.

• Bitcoin worth is transferring increased above the $66,500 help zone.
• The value is buying and selling above $67,500 and the 100 hourly Easy transferring common.
• There’s a connecting bullish development line forming with help at $66,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might speed up increased towards the $69,200 resistance and even $70,000.

Bitcoin Worth Rallies Once more

Bitcoin worth remained well-bid above the $65,000 help zone. A brand new help base was shaped, and the worth began one other rally above the $66,000 stage. There was a gentle enhance towards the $67,500 stage.

The value is up over 8% and it traded near the final all-time excessive. A excessive is shaped at $68,786 and the worth is now consolidating features above the 23.6% Fib retracement stage of the upward transfer from the $61,400 swing low to the $68,786 excessive.

Bitcoin is now buying and selling above $67,500 and the 100 hourly Easy transferring common. There may be additionally a connecting bullish development line forming with help at $66,000 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

Fast resistance is close to the $68,800 stage. The subsequent key resistance might be $69,200, above which the worth might rise towards the $70,000 resistance zone. If there’s a clear transfer above the $70,000 resistance zone, the worth might rise towards the $71,200 stage. Any extra features may ship the worth towards the $75,000 stage.

Draw back Correction In BTC?

If Bitcoin fails to rise above the $68,800 resistance zone, it might begin one other draw back correction. Fast help on the draw back is close to the $67,000 stage.

The primary main help is $66,000 or the development line. If there’s a shut beneath $66,000, the worth might begin an honest pullback towards the 50% Fib retracement stage of the upward transfer from the $61,400 swing low to the $68,786 excessive or $65,000. Any extra losses may ship the worth towards the $63,200 help zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Assist Ranges – $67,000, adopted by $66,000.

Main Resistance Ranges – $68,800, $69,200, and $70,000.

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