The Bitcoin price is currently experiencing an upward trend as it attempts to break through the $37,000 zone. This positive movement could gain momentum if BTC surpasses the critical $68,800 resistance level. The price initiated this upward trend from the $65,200 mark and has seen increases above $67,500, aligning with the 100 hourly Simple moving average.
A high point of $68,794 was reached, followed by a consolidation phase. A minor drop below the $68,000 threshold was noticed, but the Bitcoin price continues to trade above $67,500, supported by a bullish trend line at $67,450 on the BTC/USD hourly chart.
Resistance levels are positioned at $68,250 and $68,500, with a potential breakthrough raising the price to $69,500 and possibly $70,000. However, if BTC fails to maintain this upward trajectory, immediate support lies near $67,800 and $67,500, with significant support around the $67,000 mark.
The current technical indicators show some signs of slowing; the Hourly MACD is losing pace in the bullish zone, while the Hourly RSI remains above 50. Bitcoin’s major support levels are $67,500 followed by $67,000, with resistance levels at $68,500 and $68,800.
