Bitcoin (BTC) Price Holds Support, Might Aim for Another Increase in the Near Term

Bitcoin price started another increase from the $68,000 support zone. BTC cleared the $69,000 resistance to move further into a positive zone.

Bitcoin (BTC) price price showed a solid recovery from the $68,000 support. BTC gained bullish momentum above $69,000, clearing the path for another leg up. Bitcoin price started another increase from the pivotal $68,000 support zone, as highlighted yesterday. BTC gained bullish momentum and cleared the $69,000 resistance to move further into a positive zone.

On the hourly chart of the BTC/USD pair, there was a break above a key bearish trend line with resistance at $69,000. The pair even climbed above the $70,000 resistance zone. A high was formed at $70,600 and the price recently corrected lower. There was a move below the $70,000 level. The price declined below the 50% Fib retracement level of the upward move from the $67,971 swing low to the $70,600 high.

Despite the correction from the $70,600 highs, the bulls are now active near the same trend line. They are protecting the 61.8% Fib retracement level of the upward move from the $67,971 swing low to the $70,600 high. Bitcoin price is now trading above $69,000 and the 100 hourly Simple moving average. If there is a fresh increase, the price might face resistance near the $70,000 level.

The first major resistance could be $70,600. The next key resistance could be $71,200. A clear move above the $71,200 resistance might send the price higher. In the stated case, the price could rise and test the $72,000 resistance. Any more gains might send BTC toward the $73,200 resistance.

On the other hand, if Bitcoin fails to climb above the $70,600 resistance zone, it could continue to move down. Immediate support on the downside is now forming near the $69,000 level. The first major support is $68,500, followed by support at $68,000. Any more losses might send the price toward the $66,500 support zone 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 near the 50 level.

Major Support Levels – $69,000, followed by $68,500.

Major Resistance Levels – $70,000, and $70,600.