Bitcoin Rallies To New ATH, Why BTC Could Surge Further


Bitcoin worth began a recent rally above $67,000 in opposition to the US Dollar. BTC may speed up greater and it’d even check the $70,000 degree.

  • Bitcoin began a recent improve above the $65,500 and $67,500 resistance ranges.
  • The worth is now buying and selling above $67,000 and the 100 hourly easy shifting common.
  • There is a significant bullish development line forming with assist close to $65,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may speed up additional greater in direction of the $70,000 and $72,000 ranges.

Bitcoin Price Extends Rally

Bitcoin worth remained steady above the $65,000 assist zone. BTC prolonged its rally above the $65,500 and $66,000 resistance ranges. The worth even surged above the $67,000 degree.

Finally, the value pumped above the $68,000 and traded to a brand new all-time excessive at $68,495. It is now buying and selling above $67,000 and the 100 hourly easy shifting common. It can be consolidating beneficial properties above the $68,000 degree.

An preliminary assist is close to the $68,000 degree. Bitcoin can be buying and selling nicely above the 23.6% Fib retracement degree of the upward transfer from the $65,200 swing low to $68,495 excessive. Besides, there’s a main bullish development line forming with assist close to $65,200 on the hourly chart of the BTC/USD pair.

On the upside, an instantaneous resistance is close to the $68,500 degree. The first main resistance is close to the $69,000 degree. A transparent break above $69,000 resistance might probably name open the doorways for a transfer in direction of the USD $70,000 degree.

The subsequent main resistance sits close to the $70,120 degree. Any extra beneficial properties would possibly lead the value in direction of the $72,000 degree.

Dips Limited in BTC?

If bitcoin fails to clear the $69,000 resistance zone, it may begin a recent draw back correction. An instant assist on the draw back is close to the $68,000 degree.

The first main assist is now forming close to the $67,700 degree. Any extra losses might probably push the value in direction of the $66,850 degree. It is close to the 50% Fib retracement degree of the upward transfer from the $65,200 swing low to $68,495 excessive. The subsequent main assist is close to the $66,500 degree.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now within the overbought zone.

Major Support Levels – $68,000, adopted by $67,700.

Major Resistance Levels – $68,500, $69,000 and $70,000.

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