Bitcoin (BTC) Price Restarts Fresh Increase, Faces Uphill Task above $68K

Bitcoin (BTC) price is showing positive signs above the $62,000 resistance. However, the bulls still face an uphill task near the $68,000 level.

Bitcoin (BTC) price gained bullish momentum above the $62,000 resistance level. However, BTC still faces an uphill task to clear the $68,000 resistance zone. A clear weekly close above $68,000 could be a strong bullish signal.

Bitcoin Price Analysis

Bitcoin price found support near the 50-week simple moving average (blue) after a major decline recently. The BTC price formed a base and started a fresh increase above the $58,000 resistance zone. The bulls were able to push the price above the $60,000 resistance zone.

There was a clear move above the 76.4% Fib retracement level of the downward move from the $65,200 swing high to the $52,756 low. BTC is now showing positive signs above the $64,000 level and trading near the last swing high at $65,200.

On the weekly chart, the BTC price suggests that the price could continue to rise towards the $66,500 level. However, many important hurdles waiting on the upside for the bulls starting with $67,000.

The first major resistance is near the $68,000 level. There is also a major bullish flag with resistance at $68,000 on the weekly chart. It coincides with the 1.236 Fib extension level of the downward move from the $65,200 swing high to the $52,756 low.

The bears might remain active neat the channel resistance and $68,000. If the bulls succeed in clearing the $68,000 resistance, it could be a strong bullish signal.

The next key resistance is forming near the $70,000 level. A close above the $70,000 resistance could set the stage for a fresh surge. In the stated case, the bulls could aim for a move above the $72,000 resistance. The next major hurdle sits at $75,000, above which the price could aim for $80,000.

Bitcoin’s Price Action Analysis

On the downside, Bitcoin might face rejection near the $67,000 level or $68,000. Immediate support on the downside is near the $62,000 level. The first major support is near the $60,000.

The next major support sits near the 50-week simple moving average (blue) at $55,000. A weekly close below the $55,000 level could spark sharp losses. The main support sits near the channel trend line at $51,500. Any more losses might send BTC toward the $42,000 level in the medium term.

Overall, BTC is moving higher above the $62,000 level. BTC could rise further toward the $68,000 level where it might face heavy resistance.