Bitcoin Price Explodes Higher, $70K Level Faces Fresh Bullish Assault

Bitcoin price started a major increase above $68,000. BTC is now struggling to clear the $70,000 resistance and might correct some gains.

Bitcoin started a fresh increase after it settled above the $67,000 support.
The price is trading above $67,500 and the 100 hourly simple moving average.
There was a break above a bearish trend line with resistance at $66,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might dip again if it trades below the $67,500 and $67,200 levels.

Bitcoin Price Rallies 10%

Bitcoin price managed to form a base above the $66,000 zone. BTC started a fresh increase and was able to surpass the $67,000 resistance zone.

The price even rallied above the $68,000 resistance. Finally, the bears appeared near $70,000. A high was formed at $70,000, and the price is now correcting gains below the 23.6% Fib retracement level of the upward move from the $62,500 swing low to the $70,000 high.

Bitcoin is now trading above $67,500 and the 100 hourly simple moving average. If the price remains stable above $67,500, it could attempt a fresh increase. Immediate resistance is near the $68,500 level.

The first key resistance is near the $69,200 level. A close above the $69,200 resistance might send the price further higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send the price toward the $71,200 level. The next barrier for the bulls could be $72,200 and $72,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support is near the $67,500 level. The first major support is near the $67,200 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 $66,250 zone. Any more losses might send the price toward the $66,000 support in the near term. The main support now sits at $65,500, below which BTC might 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 – $67,500, followed by $67,200.

Major Resistance Levels – $68,500 and $69,200.

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