Bitcoin Price Targets Gradual Rise: Will the Uptrend Hold? 💹
Bitcoin is on a gradual rise as it targets moving above the $67,000 mark, with the potential to gain further momentum if it clears the significant $68,750 resistance zone.
The price recently found support near $65,500, climbing back up past $66,200 to breach the $67,000 threshold, supported by positive movement above the 61.8% Fib retracement mark from previously recorded lows.
A key bullish trend line is in action, with immediate support for BTC prices at $67,400 on the hourly chart. The price currently trades above $67,200 and is also above the 100 hourly Simple Moving Average.
On an upward trajectory, Bitcoin could encounter resistance around the $68,000 level, correlating closely with the 76.4% Fib retracement level from earlier peak values.
A clear move above the $68,500 resistance might propel the price higher, positioning the $68,750 level as the next critical point. Successfully surpassing this could lead to tests of $69,200 and even $70,000, potentially extending toward $71,200.
However, failure to rise past the $68,000 resistance may prompt another decline. Immediate downside support levels are near $67,400, with the subsequent major support around the $67,200 zone.
Technical indicators such as the MACD are beginning to show slowing bullish momentum, while the RSI remains steady above the 50 mark for BTC/USD. Key support and resistance levels to watch are $67,400 and $67,200 for support, and $68,000, $68,500, and $68,750 for resistance.
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