Bitcoin price is trying a fresh surge above the $37,000 zone. BTC could gain momentum if it breaks the resistance zone at $68,800.

• Bitcoin started a fresh rally from the $65,200 zone.
• The price is above $67,500 and Basic’s 100-hour moving average.
• A fresh connecting bullish trend line is forming on the hourly chart of the BTC/USD pair with support at $67,450 (data feeds from Kraken).
• The pair could gain bullish momentum if it breaks the resistance zone at $68,800.

Bitcoin price begins a fresh surge

Bitcoin price found support near the $65,200 zone. The low formed at $65,199 and the price began a fresh rally above the resistance at $67,000.

The price rose above the $67,500 and $68,000 levels. It even broke the level of $68,500. The high was set at $68,794 and the price is currently consolidating its increases. There was a slight decline below the $68,000 level. The price fell below the 23.6% Fib retracement level, the result of an upward move from a low of $65,199 to a high of $68,794.

Bitcoin price is currently above $67,500 and the 100-hour straightforward moving average. A fresh connecting bullish trend line is also forming on the hourly chart of the BTC/USD pair with support at $67,450.

On the other hand, the price may face resistance near the $68,250 level. The first key resistance is near the $68,500 level. A clear move above the resistance at $68,500 could result in a price raise. The next key resistance could be $68,800.

A close above the resistance at $68,800 may trigger further increases. In this case, the price could move higher and test the resistance level at $69,500. Any further upside could push the price towards the $70,000 resistance level.

Another BTC drop?

If Bitcoin does not rise above the $68,500 resistance zone, it could begin another decline. Immediate downside support is located near the $67,800 level.

The first major support is located near the $67,500 level and the trend line. The next support is currently located near the $67,000 zone and the 50% Fib retracement level, which is an upward move from the low of $65,199 to the high of $68,794. Any further losses could push the price towards the $66,000 support in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently losing momentum in the bullish zone.

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

Major support levels – $67,500 and then $67,000.

Major resistance levels – $68,500 and $68,800.