Bitcoin Tag Sets Eyes On New ATH, $70K Might presumably perhaps Be Next Hurdle

Bitcoin worth is up over 8% and trading above the $67,500 resistance. BTC is eyeing a brand new all-time excessive and would possibly perhaps presumably well hit the $70,000 level.

• Bitcoin worth is titillating elevated above the $66,500 support zone.
• The price is trading above $67,500 and the 100 hourly Easy titillating lifelike.
• There would possibly perhaps be a connecting bullish pattern line forming with support at $66,000 on the hourly chart of the BTC/USD pair (files feed from Kraken).
• The pair would possibly perhaps presumably well presumably poke elevated towards the $69,200 resistance and even $70,000.

Bitcoin Tag Rallies Again

Bitcoin worth remained effectively-expose above the $65,000 support zone. A new support irascible used to be fashioned, and the price started one more rally above the $66,000 level. There used to be an everyday magnify towards the $67,500 level.

The price is up over 8% and it traded shut to the final all-time excessive. A excessive is fashioned at $68,786 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward switch from the $61,400 swing low to the $68,786 excessive.

Bitcoin is now trading above $67,500 and the 100 hourly Easy titillating lifelike. There is really a connecting bullish pattern line forming with support at $66,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Quick resistance is shut to the $68,800 level. The next key resistance would possibly perhaps presumably well presumably be $69,200, above which the price would possibly perhaps presumably well presumably rise towards the $70,000 resistance zone. If there is a obvious switch above the $70,000 resistance zone, the price would possibly perhaps presumably well presumably rise towards the $71,200 level. To any extent extra gains would possibly perhaps presumably well presumably send the price towards the $75,000 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $68,800 resistance zone, it would possibly perhaps perchance presumably well presumably commence one more design back correction. Quick support on the design back is shut to the $67,000 level.

The most important most important support is $66,000 or the pattern line. If there is a shut beneath $66,000, the price would possibly perhaps presumably well presumably commence an excellent pullback towards the 50% Fib retracement level of the upward switch from the $61,400 swing low to the $68,786 excessive or $65,000. To any extent extra losses would possibly perhaps presumably well presumably send the price towards the $63,200 support zone.

Technical indicators:

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

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

Major Make stronger Phases – $67,000, followed by $66,000.

Major Resistance Phases – $68,800, $69,200, and $70,000.

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