Bitcoin price found support at $67,000 and began a novel rally. BTC has climbed above $69,500 and may continue to rise in the near future.

• Bitcoin has started a decent rally above the $68,500 and $69,500 resistance levels.
• The price is above $68,500 and Uncomplicated’s 100-hour moving average.
• On the hourly chart of the BTC/USD pair, there was a break above the key bearish trend line with resistance at $68,000 (powered by data from Kraken).
• The pair could gain bullish momentum if it stabilizes above the $69,500 level.

Bitcoin price remains traction

Bitcoin price extended its decline below $67,200. BTC retested the $66,650 zone and recently started a novel rally. There was a clear move above the resistance zone at $68,500.

On the hourly chart, the BTC/USD pair broke out above the key bearish trend line with resistance at $68,000. The pair even broke through the resistance zone at $69,500 and reached above $70,000. The high was set at $70,253 and the price is currently correcting the increases.

There was a move below the $69,500 level. The price fell below the 23.6% Fib retracement level, the result of an upward move from a low of $67,283 to a high of $70,253.

Bitcoin is currently trading above $68,500 and the 100-hour plain moving average. It is also maintaining gains above the 50% Fib retracement level resulting from the upward move from the low of $67,283 to the high of $70,253. On the other hand, the price is facing resistance near the $69,200 level.

The first major resistance could be $69,550. The next key resistance could be $70,000. A clear move above the resistance at $70,200 could result in a price rally. In the given case, the price may rise and test the resistance at $70,600. Any further gains could push BTC towards the resistance at $72,000.

Another BTC drop?

If Bitcoin fails to rise above the $69,500 resistance zone, it could begin another decline. Immediate downside support is located near the $68,750 level.

The first major contribution is $68,400. The next support level is currently near $68,000. Any further losses could push the price towards the $67,200 support zone in the near future.

Technical Indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major support levels – $68,400 and then $68,000.

Major resistance levels – $69,500 and $70,000.