Bitcoin Price Poised for Fresh Pump: Market Prepares for Upswing
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Bitcoin price has initiated a new increase, surpassing the $68,000 resistance level and setting sights on the $70,000 resistance zone. Currently trading above $68,500 and the 100 hourly Simple moving average, BTC experienced a break above a critical bearish trend line, signaling potential for an upward trajectory toward $70,000 and $70,800 in the short term.
Bitcoin maintained its positive trend above the $65,500 resistance, clearing several key levels including $66,800 and $67,500. The price gathered momentum, breaking a key bearish trend line at $68,200 on the BTC/USD hourly chart. Trading above $68,500, BTC is positioned to challenge the $69,800 and $70,000 resistance levels, with potential targets at $70,800 and $71,200 if it surpasses $70,000.
However, if Bitcoin fails to overcome the $70,000 resistance, a decline could commence. Immediate support levels are at $68,750, followed by $68,000. A further drop might see BTC testing the $67,250 and $66,500 support zones. Technical indicators suggest bullish momentum, with the hourly MACD gaining pace and the RSI above 50.
Overall, Bitcoin's price action suggests a bullish outlook, with significant resistance levels at $69,800 and $70,000 potentially paving the way for new highs, while dips may be limited by strong support zones.
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