Bitcoin Price Builds for Surge, Bulls Eye Explosive Breakout

Bitcoin price started a decent increase above the $68,000 zone. BTC is now showing positive signs and might gain further if it clears $69,250.

• Bitcoin gained pace for a move above the $67,500 and $68,000 levels.
• The price is trading above $68,500 and the 100 hourly simple moving average.
• There was a break above a bearish trend line with resistance at $67,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might start another decline if it stays below the $69,250 and $69,500 levels.

Bitcoin Price Gains Traction

Bitcoin price managed to climb higher above the $67,250 resistance zone. BTC gained pace for a move above the $67,500 and $68,000 levels.

There was a break above a bearish trend line with resistance at $67,650 on the hourly chart of the BTC/USD pair. The pair even climbed above $69,000. A high is formed at $69,256, and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $65,688 swing low to the $69,256 high.

Bitcoin is now trading above $68,000 and the 100 hourly simple moving average. If the price remains stable above $68,500, it could attempt a fresh increase. Immediate resistance is near the $69,250 level.

The first key resistance is near the $69,500 level. A close above the $69,500 resistance might send the price further higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send the price toward the $71,500 level. The next barrier for the bulls could be $72,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $69,250 resistance zone, it could start another decline. Immediate support is near the $68,800 level. The first major support is near the $68,500 level.

The next support is now near the $67,500 zone or the 50% Fib retracement level of the upward move from the $65,688 swing low to the $69,256 high. Any more losses might send the price toward the $67,000 support in the near term. The main support now sits at $66,500, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

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

Major Resistance Levels – $69,250 and $69,500.