After breaking over the $66,000 resistance level, the price of bitcoin began to stabilize. Currently, BTC is focusing on the next move over the resistance area of $67,200.
Price of Bitcoin Sees Further Rises
Above the resistance levels of $65,500 and $66,000, the price of bitcoin began a new upward trend. Bitcoin even crossed over $67,000. It is currently holding gains after reaching a high of $67,200 in trading.
Price stability was maintained above the 23.6% Fib retracement level of the upward rise from the $64,280 swing low to the $67,200 low, despite a slight fall below the $66,500 level. The price of bitcoin is still above both the 100 hourly Simple Moving Average and $65,500.
On the hourly chart of the Bitcoin/USD pair, a positive trend line is also forming, with support located at $65,900. The trend line of the upward rise from the $64,280 swing low to the $67,200 low is close to the 50% Fib retracement level.
Direct resistance is in proximity to the $67,000 mark. $67,200 may be the first significant resistance level. Price growth could occur if there is a definite move above the $67,200 resistance zone. The current next point of resistance is $68,500. The price may rise further in the event that there is a clear move above the resistance zone of $68,500. In the example given, the cost might increase to about $70,000.
Next significant barrier is in the vicinity of $70,500. In the foreseeable future, any additional advances might push Bitcoin toward the $72,000 resistance level.
Do Dips Have a Bitcoin Limit?
If Bitcoin is unable to break over the resistance level of $67,000, a decline could begin. Substantial downside support is located close to the $66,200 mark.
The trend line, or $66,000, is the first significant support. The price may begin to decline toward $65,400 if the closing is less than $66,000. In the short term, pricing may move toward the $64,200 support zone if there are any more losses.
April 2024, Cryptoniteuae