Bitcoin Eyes ₱4,225,575 ($70,000) After Clearing ₱4,165,209 ($69,000) Resistance
Bitcoin hit $69,256 after breaking through multiple resistance levels including $67,500 and $68,000. The rally began from a swing low of $65,688 and broke above a bearish trend line at $67,650 on the hourly chart.
Key Takeaway
Bitcoin needs to hold $68,800 support and break $69,500 resistance to make a run at $70,000.
Bitcoin cleared $69,000 and hit a swing high of $69,256 after breaking through multiple resistance levels.
The rally started from a swing low of $65,688, pushing through the $67,500 and $68,000 zones. Price also broke above a bearish trend line at $67,650 on the hourly chart. Bitcoin now consolidates near the 23.6% Fibonacci retracement level of the upward move from $65,688 to $69,256.
The immediate resistance sits at $69,500. If Bitcoin closes above that level, bulls could test $70,000 for the first time since the recent pullback. Further gains would target $71,500, with $72,000 serving as the next major barrier. The RSI on the hourly chart reads above 50, and price trades above the 100 hourly simple moving average.
Support levels are stacked below current prices. The first cushion sits at $68,800, with major support at $68,500. Below that, the 50% Fibonacci retracement level at $67,500 lines up with the next support zone. A break below $67,500 would bring $67,000 and $66,500 into play as near-term floors.
Bitcoin represents roughly 61% of the total cryptocurrency market cap and recently surpassed the 20 million coins milestone, approaching its 21 million supply cap. Volume has jumped 42% since Monday evening according to data from Kraken, which provides the BTC/USD pair feed for the hourly chart analysis.
This article was written based on reporting from NewsBTC.
