Is This The Start of a Bigger Run?

Bitcoin price extended gains above the $68,000 resistance zone. BTC is now consolidating and aiming for more gains above the $69,500 resistance.

• Bitcoin remained stable and extended gains above the $68,500 zone.
• The price is trading above $68,500 and the 100 hourly Simple moving average.
• There is a key contracting triangle forming with support at $68,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rally further if there is a close above the $69,450 resistance zone.

Bitcoin Price Rises Toward $70,000

Bitcoin price remained supported above the $67,500 zone. BTC started another minor increase above the $68,000 resistance zone. The bulls were able to clear the $68,800 barrier.

The price even cleared the $69,000 level. A high was formed near $69,428 and the price is now consolidating gains. There was a minor decline below the $69,000 level, but the price is stable above the 23.6% Fib retracement level of the upward move from the $66,644 swing low to the $69,428 high.

Bitcoin price is now trading above $68,200 and the 100 hourly Simple moving average. There is also a key contracting triangle forming with support at $68,750 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $69,200 level. The first key resistance is near the $69,500 level. A clear move above the $69,500 resistance might send the price higher. The next key resistance could be $70,000.

A close above the $70,000 resistance might initiate more gains. In the stated case, the price could rise and test the $71,200 resistance level. Any more gains might send the price toward the $72,000 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $69,500 resistance zone, it could start another decline. Immediate support on the downside is near the $68,750 level and the triangle’s trend line.

The first major support is near the $68,050 level and the 50% Fib retracement level of the upward move from the $66,644 swing low to the $69,428 high. The next support is now near the $67,400 zone. Any more losses might send the price toward the $66,500 support 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 – $68,750, followed by $68,500.

Major Resistance Levels – $69,500, and $70,000.