Key Takeaways:
- Bitcoin price is rising from the 50-week simple moving average (blue) and $53,500.
- BTC/USD is still following a major bullish flag with resistance at $68,000 on the weekly chart.
- The price could struggle to clear the $67,500 and $68,000 resistance levels.
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 Price Restarts Fresh Increase
After a major decline, Bitcoin found support near the 50-week simple moving average (blue). 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.
The weekly chart of BTC suggests the price could continue to rise toward 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 $70,00 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.
Another Rejection and Decline?
Conversely, 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, Bitcoin is moving higher above the $62,000 level. BTC could rise further toward the $68,000 level where it might face heavy resistance.
The post Bitcoin (BTC) Price Regains Strength, But $68K Could Prove Tough for Bulls appeared first on CoinChapter.
