The price of bitcoin has hit a fresh high above $65,000 against the US dollar. BTC is showing positive indications and could rise even higher to $70,000.
- The cryptocurrency gained momentum and began a new rise above the $62,500 and $63,500 resistance levels.
- The price is now above $65,000, with the 100 hourly simple moving average ahead of it.
- On the hourly chart, there was a break above a major bearish trend line with resistance at $61,550 (data feed from Kraken).
- When the pair breaks through the $66,000 mark, there is a good possibility that it will accelerate even further.
Bitcoin’s price is increasing at a rapid rate
Bitcoin price advanced, as Bitcoin stayed well bid above the $60,000 support level. As a result, bitcoin began a fresh rally and rose past the $62,500 and $63,500 resistance levels.
Regardless, the bulls extended their gains and pushed the price above $65,000. Furthermore, there was a break above a significant bearish trend line with resistance near $61,550 on the hourly chart of the BTC/USD pair.
For a surge over the $65,500 mark, the pair gathered pace. A high of $65681 was established, followed by a consolidation period.
Bitcoin is currently trading at a price above the 23.6 percent Fib retracement level of the upward move from $60,129 to $65,681. On the upside, near the $65,500 mark is an immediate barrier. The major barrier lies at $66,000.
A new rally may be opened if the price breaks above $66,000 resistance. The main barrier is located at $68,500. Any additional rises might take the price to the $70,000 mark.
Are dips limited in Bitcoin?
If bitcoin fails to break the $66,000 support barrier, it might fall into a new downturn. On the downside, near the $64,500 mark is immediate support.
The $63,000 mark is now being eyed as possible support. It is near the 50 percent Fib retracement level of the upward motion from the $60,129 swing low to $65,681 high. A failure to close below the $63,000 support could pave way for a push toward the $62,500 level. The price could accelerate losses if it breaks below 100 hourly SMA support at around $61,200.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $64,500, followed by $63,000.
Major Resistance Levels – $65,500, $66,000 and $68,500.
