Crypto News

Bitcoin Price Could Reignite Uptrend: Is a New Surge Coming?

Bitcoin Price Could Reignite Uptrend: Is a New Surge Coming?
© Copyright Image: Crypto Breaking News

Bitcoin price tested the $65,200 zone before the bulls appeared. BTC is now rising and aiming for more upsides above the $67,500 resistance.

  • Bitcoin extended losses and tested the $65,200 zone.
  • The price is trading below $67,500 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it clears the $67,500 resistance zone.

Bitcoin Price Starts Fresh Increase

Bitcoin price extended its downside correction below the $66,500 level. There was a move below the $66,000 and $65,500 levels. The price even tested the $65,200 support zone.

A low was formed at $65,199 and the price is again rising. There was a clear move above the $66,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $69,425 swing high to the $65,199 low. Besides, there was a break above a key bearish trend line with resistance at $66,800 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below $67,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $67,300 level or the 50% Fib retracement level of the downward move from the $69,425 swing high to the $65,199 low.

The first key resistance is near the $67,500 level. A clear move above the $67,500 resistance might send the price higher. The next key resistance could be $68,000.

A close above the $68,000 resistance might initiate more gains. In the stated case, the price could rise and test the $69,200 resistance level. Any more gains might send the price toward the $70,000 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $67,500 resistance zone, it could start another decline. Immediate support on the downside is near the $66,500 level.

The first major support is near the $66,200 level. The next support is now near the $66,000 zone. Any more losses might send the price toward the $65,200 support in the near term.

Technical indicators:

Hourly MACD The MACD is now losing pace in the bullish zone.

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

Major Support Levels $66,500, followed by $66,200.

Major Resistance Levels $67,500, and $68,000.

Source: NewsBTC.com

The post Bitcoin Price Could Reignite Uptrend: Is a New Surge Coming? appeared first on Crypto Breaking News.

Read more: https://www.cryptobreaking.com/bitcoin-price-could-reignite-uptrend-is-a-new-surge-coming/

Text source: Crypto Breaking News

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

You're just steps away from receiving your reward.

The most complete Crypto News Center.

Search Stories:

Latest top stories