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) $ 70,293.83
ethereum
Ethereum (ETH) $ 3,943.95
tether
Tether (USDT) $ 0.999691
bnb
BNB (BNB) $ 611.40
solana
Solana (SOL) $ 171.96
staked-ether
Lido Staked Ether (STETH) $ 3,939.16
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.539634
dogecoin
Dogecoin (DOGE) $ 0.171666
the-open-network
Toncoin (TON) $ 6.45
cardano
Cardano (ADA) $ 0.473140
shiba-inu
Shiba Inu (SHIB) $ 0.000026
avalanche-2
Avalanche (AVAX) $ 38.75
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 70,337.85
chainlink
Chainlink (LINK) $ 18.40
polkadot
Polkadot (DOT) $ 7.71
bitcoin-cash
Bitcoin Cash (BCH) $ 498.84
tron
TRON (TRX) $ 0.112204
near
NEAR Protocol (NEAR) $ 7.90
uniswap
Uniswap (UNI) $ 11.10
pepe
Pepe (PEPE) $ 0.000017
matic-network
Polygon (MATIC) $ 0.748679
litecoin
Litecoin (LTC) $ 86.13
fetch-ai
Fetch.ai (FET) $ 2.32
internet-computer
Internet Computer (ICP) $ 12.42
leo-token
LEO Token (LEO) $ 5.86
dai
Dai (DAI) $ 0.999349
wrapped-eeth
Wrapped eETH (WEETH) $ 4,095.35
ethereum-classic
Ethereum Classic (ETC) $ 32.43
aptos
Aptos (APT) $ 9.65
render-token
Render (RNDR) $ 10.27
hedera-hashgraph
Hedera (HBAR) $ 0.108898
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,905.76
immutable-x
Immutable (IMX) $ 2.46
filecoin
Filecoin (FIL) $ 6.19
mantle
Mantle (MNT) $ 1.05
cosmos
Cosmos Hub (ATOM) $ 8.71
kaspa
Kaspa (KAS) $ 0.142135
arbitrum
Arbitrum (ARB) $ 1.24
dogwifcoin
dogwifhat (WIF) $ 3.29
crypto-com-chain
Cronos (CRO) $ 0.121435
stellar
Stellar (XLM) $ 0.111407
the-graph
The Graph (GRT) $ 0.330210
first-digital-usd
First Digital USD (FDUSD) $ 1.00
blockstack
Stacks (STX) $ 2.14
bittensor
Bittensor (TAO) $ 442.07
okb
OKB (OKB) $ 48.27
optimism
Optimism (OP) $ 2.63
ethena-usde
Ethena USDe (USDE) $ 1.00
floki
FLOKI (FLOKI) $ 0.000281