Bitcoin price is showing a few positive signs above the $68,500 resistance. BTC must settle above the $70,000 resistance to continue higher in the near term.
- Bitcoin is eyeing a steady increase above $69,500 and $70,000 levels.
- The price is trading above $68,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $68,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $68,000 support zone.
Bitcoin Price Holds Support
Bitcoin price started a decent increase above the $67,500 resistance zone. BTC cleared the $68,500 and $68,800 resistance levels to move into a positive zone.
The price even spiked above the $70,000 resistance zone. A high was formed near the $70,300 level and the price is now correcting gains. There was a move below the $70,000 level. There was a move below the 23.6% Fib retracement level of the upward move from the $65,116 swing low to the $70,300 high.Bitcoin is now trading above $68,000 and the 100 hourly Simple moving average. Immediate resistance is near the $69,800 level. The first major resistance could be $70,000.
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