A few encouraging indicators are emerging for the price of Bitcoin above the $68,500 barrier. For BTC to rise further in the foreseeable future, it needs to clear the $70,000 barrier level.
Bitcoin is aiming for a consistent rise over the $69,500 and $70,000 marks.
The 100 hourly Simple moving average and $68,000 are both being traded above by the price.
On the hourly chart of the BTC/USD pair, a significant bullish trend line is forming, with support located around $68,800 (data feed from Kraken).
If the pair maintains above the $68,000 support level, it might initiate another rise.
Bitcoin Price Remains Steady
The price of bitcoin began to rise steadily above the resistance level of $67,500. In order to enter a positive area, BTC overcame the resistance levels at $68,500 and $68,800.
Even the resistance zone of $70,000 was broken by the price increase. At roughly $70,300, a high was established, and the price is currently reversing gains. A decline below the $70,000 mark was observed. The upward rise from the $65,116 swing low to the $70,300 high was retraced at a 23.6% Fib level.
The 100 hourly Simple moving average and $68,000 are currently being traded above by Bitcoin. The $69,800 mark is where immediate resistance is located. The first significant obstacle might be $70,000.
Right now, $70,300 is the next resistance level. The price may begin a new upward trend if there is a clear rise over the resistance zone at $70,300. In the example given, the cost might increase to almost $71,200. The $72,000 region is the next significant area of resistance. In the foreseeable future, any additional rises might push Bitcoin toward the $73,500 barrier level.
Do Dips Have a Bitcoin Limit?
In the event that Bitcoin is unable to break over the resistance level of $70,000, a decline could begin. The trend line or the $69,000 mark provide immediate support on the downside.
The 50% Fib retracement level of the upward run from the $65,116 swing low to the $70,300 high, or $67,800, is the first significant support level. The price of $66,500 is the next support. Price may begin to decline toward $65,350 if there is a closing below $66,500. In the short term, pricing may go toward the $62,500 support zone if there are any more losses.
April 2024, Cryptoniteuae
