Bitcoin price recently surged higher and broke the $68,500 resistance level. This move suggests that the market may be in a recovery phase, however, it remains to be seen whether bitcoin will be able to sustain the upswing
Bitcoin price recently surged higher and broke the $68,500 resistance level. This move suggests that the market may be in a recovery phase, however, it remains to be seen whether bitcoin will be able to sustain the upswing. This article will take a closer look at bitcoin's price action and discuss potential upside and downside targets.
Technical Indicators: Bullish Signals
From a technical perspective, bitcoin is currently showing some bullish signs:
- 100-Hour Simple Moving Average Support: Bitcoin price is currently trading above the 100-hour simple moving average, indicating an uptrend.
- Ascending Trendline: On the hourly chart of the BTC/USD pair, there is a key ascending trendline with support near $68,800.
- MACD Losing Momentum: The hourly MACD is currently losing momentum in the bullish zone, but it remains positive. This indicates that bullish momentum is waning but the market is still in an uptrend.
Resistance Levels: $70,000
The next major resistance level for bitcoin is $70,000. If bitcoin can break and close above this level, it could extend its gains towards $71,200. Beyond that, the next major resistance is likely to be found near $72,000.
Support Levels: $68,800
On the support side, $68,800 is a crucial level. If bitcoin breaks below this level, it could retrace towards $67,800. Further down, the next major support is found near $66,500.
Potential Upside Targets
If bitcoin manages to break above the $70,000 resistance, it could continue its upward trajectory in the near term. Potential upside targets include:
- $71,200
- $72,000
- $73,500
Potential Downside Targets
On the other hand, if bitcoin fails to break above the $70,000 resistance, it could face a pullback. Potential downside targets include:
- $69,000
- $68,800
- $67,800
- $66,500
Bitcoin price has rallied recently but it still faces resistance at $70,000. Technical indicators are showing some bullish signs, but bullish momentum is waning. If bitcoin can break above $70,000, it could continue to rise towards $71,200 and beyond. However, if it fails to break above this level, it could retrace towards $68,800 or lower. Traders should keep a close eye on the price action in the coming trading sessions to see how the market trend develops.
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