Bitcoin price is rising above the $67,000 resistance zone. BTC is currently consolidating and looking for more gains above the resistance at $68,350.

• Bitcoin remained stable and continued gains above the $67,500 zone.
• The price is above $67,400 and Plain’s 100-hour moving average.
• A key bullish trend line is forming on the hourly chart of the BTC/USD pair with support at $67,400 (fed by Kraken data).
• The pair may continue to rise if there is a close above the resistance zone at $68,200.

Bitcoin price has more advantages

Bitcoin price remained supported above the $67,000 pivot zone. BTC remained range-bound and bulls were vigorous above the $66,500 level. There has been a slight pullback from the recent high of $68,328.

The price dropped below the $67,000 mark. There was a drop below the 23.6% Fib retracement level in an upward move from a low of $64,685 to a high of $68,328. However, bulls were vigorous above the $66,500 level. A key bullish trend line is also forming on the hourly chart of the BTC/USD pair with support at $67,400.

Bitcoin price is currently above $67,200 and the 100-hour basic moving average. On the other hand, the price may face resistance near the $68,000 level. The first key resistance is near the $68,200 level. A clear move above the resistance at $68,200 could result in a price augment. The next key resistance could be $68,850.

A close above the resistance at $68,850 may trigger further increases. In this case, the price could move higher and test the resistance level at $71,650. Any further upside could push the price towards the $72,000 resistance level.

Another BTC drop?

If Bitcoin does not rise above the $68,000 resistance zone, it could begin another decline. Immediate downside support is located near the $67,200 level and the trend line.

The first major support is located near the $66,500 level and the 50% Fib retracement level, marking an upward move from a low of $64,685 to a high of $68,328. The next support is now near the $66,000 zone. Any further losses could push the price towards the $65,500 support 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.

Main support levels – $67,200, then $66,500.

Major resistance levels – $68,000 and $68,200.