Bitcoin Rallies To New ATH, Why BTC Could Surge Further

Bitcoin price started a fresh rally above $67,000 against the US Dollar. BTC could accelerate higher and it might even test the $70,000 level.

Bitcoin started a fresh increase above the $65,500 and $67,500 resistance levels.
The price is now trading above $67,000 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $65,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further higher towards the $70,000 and $72,000 levels.

Bitcoin Price Extends Rally
Bitcoin price remained stable above the $65,000 support zone. BTC extended its rally above the $65,500 and $66,000 resistance levels. The price even surged above the $67,000 level.
Finally, the price pumped above the $68,000 and traded to a new all-time high at $68,495. It is now trading above $67,000 and the 100 hourly simple moving average. It is also consolidating gains above the $68,000 level.
An initial support is near the $68,000 level. Bitcoin is also trading well above the 23.6% Fib retracement level of the upward move from the $65,200 swing low to $68,495 high. Besides, there is a major bullish trend line forming with support near $65,200 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $68,500 level. The first major resistance is near the $69,000 level. A clear break above $69,000 resistance may possibly call open the doors for a move towards the USD $70,000 level.
The next major resistance sits near the $70,120 level. Any more gains might lead the price towards the $72,000 level.
Dips Limited in BTC?
If bitcoin fails to clear the $69,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $68,000 level.
The first major support is now forming near the $67,700 level. Any more losses may possibly push the price towards the $66,850 level. It is near the 50% Fib retracement level of the upward move from the $65,200 swing low to $68,495 high. The next major support is near the $66,500 level.
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 in the overbought zone.
Major Support Levels – $68,000, followed by $67,700.
Major Resistance Levels – $68,500, $69,000 and $70,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 17,025.00
ethereum
Ethereum (ETH) $ 1,275.78
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 292.74
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.400035
dogecoin
Dogecoin (DOGE) $ 0.102681
cardano
Cardano (ADA) $ 0.317042
matic-network
Polygon (MATIC) $ 0.932874
polkadot
Polkadot (DOT) $ 5.38
staked-ether
Lido Staked Ether (STETH) $ 1,262.28
okb
OKB (OKB) $ 22.21
litecoin
Litecoin (LTC) $ 77.26
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.054601
solana
Solana (SOL) $ 13.65
uniswap
Uniswap (UNI) $ 5.83
avalanche-2
Avalanche (AVAX) $ 13.08
chainlink
Chainlink (LINK) $ 7.74
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,010.05
leo-token
LEO Token (LEO) $ 3.87
cosmos
Cosmos Hub (ATOM) $ 10.31
ethereum-classic
Ethereum Classic (ETC) $ 20.02
the-open-network
The Open Network (TON) $ 1.79
monero
Monero (XMR) $ 142.71
stellar
Stellar (XLM) $ 0.088956
bitcoin-cash
Bitcoin Cash (BCH) $ 110.79
quant-network
Quant (QNT) $ 122.60
algorand
Algorand (ALGO) $ 0.242908
crypto-com-chain
Cronos (CRO) $ 0.065175
filecoin
Filecoin (FIL) $ 4.41
near
NEAR Protocol (NEAR) $ 1.72
apecoin
ApeCoin (APE) $ 3.94
vechain
VeChain (VET) $ 0.019214
hedera-hashgraph
Hedera (HBAR) $ 0.050129
flow
Flow (FLOW) $ 1.12
internet-computer
Internet Computer (ICP) $ 4.16
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.69
frax
Frax (FRAX) $ 1.00
eos
EOS (EOS) $ 0.934978
terra-luna
Terra Luna Classic (LUNC) $ 0.000162
theta-token
Theta Network (THETA) $ 0.942372
chain-2
Chain (XCN) $ 0.043794
tezos
Tezos (XTZ) $ 1.01
the-sandbox
The Sandbox (SAND) $ 0.588382
aave
Aave (AAVE) $ 63.95
lido-dao
Lido DAO (LDO) $ 1.12
chiliz
Chiliz (CHZ) $ 0.162852