The Bitcoin price surged by over 8%, surpassing the $67,500 barrier. It’s now aiming for a new all time high and might reach $70,000 soon.
Bitcoin’s price is climbing, staying above the $66,500 support zone. The stock is currently trading above $67,500 and the 100-hourly Simple Moving Average. In a chart of the hourly BTC/USD pair (data from TradingView), a bullish trend line is emerging with support of around $66,000.
This suggests that the pair could continue its upward momentum, potentially reaching the $69,200 resistance level or even $70,000.
Bitcoin Price Strong Above $65,000 Support: Eyes on New All Time High
Bitcoin’s price remained strong above the $65,000 support area. It found a new support level and started climbing again, surpassing $66,000. The upward momentum continued, reaching close to the previous all-time high near $67,500.
The price of Bitcoin has surged over 8%, nearing the recent peak of $68,786. Currently, it’s consolidating gains above the 23.6% Fibonacci retracement level from its recent swing low of $61,400 to the high of $68,786.
At the time of writing Bitcoin is trading above $67,500 and the 100-hourly Simple Moving Average. Additionally, Observe the hourly chart of the BTC/USD; a bullish trend line can be seen with support around $66,000
The strong resistant is nearing the $68,800 mark, followed by a crucial resistance at $69,200. If the price breaks above $70,000 convincingly, it could target $71,200. Further gains might even propel it towards $75,000.
Monitoring Critical Support Levels
If Bitcoin can’t break above the $68,800 resistance zone, it might face a downward correction. The immediate support level is around $67,000.
The first significant support is $66,000, which is also marked by the trend line. If Bitcoin closes below $66,000, it could see a decent pullback towards the 50% Fibonacci retracement level. This level is calculated from the upward move between the swing low of $61,400 and the high of $68,786, or roughly $65,000. Further declines could push the price towards the $63,200 support area.
