Bitcoin Price Consolidates Above Support, Breakout Hopes Gain Stronger

• Bitcoin started a fresh surge after breaking above the $67,200 support.
• The price is trading above USD 67,200 and the 100 hourly moving average.
• A new bearish trendline is forming with resistance at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could fall again if it trades below the $66,500 and $66,250 levels.

Bitcoin Price Drops in Support

Bitcoin price managed to form a base above the $66,500 zone. BTC started a new increase and was able to cross the USD 68,000 resistance zone.

The price even rose above the USD 68,800 resistance. Finally, the bears showed up for almost $70,000. It peaked at $70,000, and the price recently corrected some gains. There was a move below the 38.2% Fib retracement level of the upward move from the $62,500 swing low to the $70,000 high.

Bitcoin is now trading above $67,000 and the 100 hourly moving average. If the price remains stable above $67,000, another move up can be attempted. The immediate resistance is near the $68,000 level. A new bearish trendline is also forming with resistance at $68,000 on the hourly chart of the BTC/USD pair.

The first major resistance is around the $68,250 level. A close above the USD 68,250 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 69,500 resistance. Any further gains could send the price towards the $70,000 level. The next threshold for the bulls could be $70,500 and $71,200.

Disadvantage of continuation in BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it could trigger another decline. Immediate support is near the $67,000 level. The first major support is near the $66,250 level or the 50% Fib retracement level of the upward move from the $62,500 swing low to the $70,000 high.

The next support is now near the $65,500 zone. Any further losses could send the price towards the USD 65,000 support in the near term. The key support now lies at $63,500, below which BTC could struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major support levels – USD 67,000, followed by USD 66,500.

Major resistance levels – $68,000 and $68,500.