Bitcoin Starts Fresh Rally, Why BTC Could Breach $70K This Time

Bitcoin price started a fresh rally above $65,000 against the US Dollar. BTC is showing positive signs and it could rise further towards $70,000.

Bitcoin started a fresh increase above the $62,500 and $63,500 resistance levels.
The price is now trading above $65,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further higher once there is a close above the $66,000.

Bitcoin Price Gains Pace
Bitcoin price remained well bid above the $60,000 support zone. As a result, BTC started a fresh rally above the $62,500 and $63,500 resistance levels.
The bulls even pumped the price above the $65,000 level and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $61,550 on the hourly chart of the BTC/USD pair.
The pair gained pace for a move above the $65,500 level. A high is formed near $65,681 and the price is now consolidating gains.
Bitcoin is trading well above the 23.6% Fib retracement level of the upward move from the $60,129 swing low to $65,681 high. On the upside, an immediate resistance is near the $65,500 level. The first major resistance is near the $66,000 level.

Source: BTCUSD on TradingView.com
A clear break above $66,000 resistance may possibly call open the doors for a fresh rally. The next major resistance sits near the $68,500 level. Any more gains might lead the price towards the $70,000 level.
Dips Limited in BTC?
If bitcoin fails to clear the $66,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $64,500 level.
The first major support is now forming near the $63,000 level. It is near the 50% Fib retracement level of the upward move from the $60,129 swing low to $65,681 high. A clear close below the $63,000 support could open the doors for a move towards the $62,500 level. The main breakdown support is near $61,200 and the 100 hourly SMA, below which the price could accelerate losses.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $64,500, followed by $63,000.
Major Resistance Levels – $65,500, $66,000 and $68,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 41,569.14
ethereum
Ethereum (ETH) $ 2,234.40
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 229.24
xrp
XRP (XRP) $ 0.619268
solana
Solana (SOL) $ 61.81
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,232.46
cardano
Cardano (ADA) $ 0.402822
dogecoin
Dogecoin (DOGE) $ 0.087420
tron
TRON (TRX) $ 0.103433
chainlink
Chainlink (LINK) $ 15.56
avalanche-2
Avalanche (AVAX) $ 21.92
matic-network
Polygon (MATIC) $ 0.798220
polkadot
Polkadot (DOT) $ 5.56
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 41,488.12
litecoin
Litecoin (LTC) $ 73.52
dai
Dai (DAI) $ 0.999649
shiba-inu
Shiba Inu (SHIB) $ 0.000009
bitcoin-cash
Bitcoin Cash (BCH) $ 244.76
uniswap
Uniswap (UNI) $ 6.11
okb
OKB (OKB) $ 58.60
leo-token
LEO Token (LEO) $ 3.74
stellar
Stellar (XLM) $ 0.122249
kaspa
Kaspa (KAS) $ 0.141817
monero
Monero (XMR) $ 169.62
true-usd
TrueUSD (TUSD) $ 0.997912
ethereum-classic
Ethereum Classic (ETC) $ 19.82
cosmos
Cosmos Hub (ATOM) $ 9.50
crypto-com-chain
Cronos (CRO) $ 0.094988
internet-computer
Internet Computer (ICP) $ 5.01
filecoin
Filecoin (FIL) $ 4.62
lido-dao
Lido DAO (LDO) $ 2.38
hedera-hashgraph
Hedera (HBAR) $ 0.062419
near
NEAR Protocol (NEAR) $ 2.08
aptos
Aptos (APT) $ 7.23
thorchain
THORChain (RUNE) $ 6.66
bittensor
Bittensor (TAO) $ 329.64
immutable-x
Immutable (IMX) $ 1.41
mantle
Mantle (MNT) $ 0.568050
vechain
VeChain (VET) $ 0.023490
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.76
aave
Aave (AAVE) $ 99.60
quant-network
Quant (QNT) $ 100.20
render-token
Render (RNDR) $ 3.82
injective-protocol
Injective (INJ) $ 16.41
terra-luna
Terra Luna Classic (LUNC) $ 0.000237
the-graph
The Graph (GRT) $ 0.147595
arbitrum
Arbitrum (ARB) $ 1.08