Key Takeaways:
- Bitcoin started a fresh increase above the $66,500 resistance.
- BTC/USD is holding gains above the $65,500 support and a previous bearish trend line on the daily chart.
- The price could rally to a new all-time high if it clears the $70,000 resistance.
Bitcoin price is consolidating gains above the $65,000 zone. BTC could surge above $70,000 unless the bears push it below $62,500.
Bitcoin Price Sights New ATH
In the past few days, Bitcoin price saw a steady increase above the $65,000 resistance zone. BTC was able to clear a major bearish trend line with resistance at $66,200 on the daily chart. It opened the doors for more upsides above the $68,000 resistance zone.
The price settled well above the 50-day simple moving average (blue) and climbed toward the $70,000 resistance. However, the bears were active near the stated key resistance zone at $70,000. A high was formed at $69,586 and the price started a downside correction.
Bitcoin price declined below the $67,000 and $66,500 levels. There was a drop below the 23.6% Fib retracement level of the upward move from the $58,943 swing low to the $69,586 high.
The price retested the same bearish trend line where it found support. There was a strong bullish reaction from the trend line and the price is now consolidating near the $67,000 level. Immediate resistance on the upside is near the $67,500 level.
The first major resistance is seen near the $68,000 level. To continue higher, BTC price must settle above the $68,000 resistance zone. The main resistance is still near the $70,000 zone.
A daily close above the $70,000 resistance zone could set the pace for a larger rally to a new all-time high. In the stated case, the bulls might push the price toward the $74,000 resistance. The next stop for the bulls could be $75,000 or even $76,500.
Another Rejection for BTC?
Conversely, Bitcoin price might struggle near $68,000 or $70,000 and start another decline. Immediate support on the downside is near the $65,500 level and the same trend line.
The first major support is near the $64,250 level and the 50% Fib retracement level of the upward move from the $58,943 swing low to the $69,586 high. The main support is now near a connecting bullish trend line, the 50-day simple moving average (blue), and $63,000.
A downside break below the $63,000 support zone could spark bearish moves and dent the current bullish sentiment. In the stated case, the price might decline toward the $60,500 zone. Any more losses could open the doors for a move toward the $58,000 support zone.
Overall, Bitcoin is eyeing a major move above the $70,000 resistance zone. If it fails, BTC could drop and revisit the $63,000 support zone in the coming days.
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