Key Takeaways:
- Bitcoin is consolidating gains above the $65,000 support.
- BTC/USD is trading above a key bullish trend line, with support at $68,000 on the daily chart.
- The price could start another increase unless it fails to stay above the 50-day simple moving average (blue) and $65,000.
NEW DELHI (CoinChapter.com) — Bitcoin’s price is holding gains above the $68,000 support zone. To start another increase, BTC must clear the $72,000 resistance zone.
Bitcoin Price Eyes Fresh Increase
In the last analysis with a daily chart, we discussed how Bitcoin price cleared a couple of key hurdles near $68,000 to move again into a positive zone. BTC even spiked above the $71,200 resistance zone. A high was formed at $71,922 before there was a minor downside correction.
There was a move below the $70,000 support zone. It even dragged Ethereum lower below the $3,880 level. Having said that, the price is still well positioned above the 50-day simple moving average (blue) and $65,000.
Bitcoin price seems to be consolidating near the 23.6% Fib retracement level of the upward move from the $56,710 swing low to the $71,920 high. There is also a key bullish trend line forming with support at $68,000 on the daily chart.
Immediate resistance on the upside sits at the $70,000 zone. The first major resistance is now forming near the $72,000 zone or the recent high. If BTC price breaks the $72,000 resistance, it could spark a strong increase.
The next key resistance sits at $73,000, above which the price could gain bullish momentum. In the stated case, the bulls could even aim for a move toward the $75,000 region.
Conversely, Bitcoin price might struggle near $72,000 and continue to move down. Immediate support is now near the $68,000 level and the trend line. A downside break below the trend line might send the price further lower.
The next key support is near the $65,000 zone and the 50-day simple moving average (blue). It is close to the 50% Fib retracement level of the upward move from the $56,710 swing low to the $71,920 high.
If the bulls fail to protect the $65,000 support, the price could decline further. In this case, it might decline toward the $62,500 support.
Overall, Bitcoin is consolidating gains above the key support at $65,000. BTC could see a minor pullback, but it might soon resume upside above the $70,000 level in the coming days.
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