Bitcoin has continued its upward movement, breaking past the $68,000 resistance and currently consolidating above $68,500. Its price is trading above the 100 hourly Simple moving average, suggesting potential for further growth.
A key contracting triangle is forming on the BTC/USD hourly chart, with support at $68,750. If Bitcoin rallies beyond the $69,450 resistance zone, it could see a price surge toward $70,000.
In a bullish scenario, crossing the $70,000 resistance could lead to further gains, potentially testing the $71,200 and $72,000 levels. However, a failure to rise could trigger a decline.
Immediate support exists near $68,750, with major support dropping near $68,050 and $67,400. Breaking these could see the price revisit the $66,500 support level. Indicators such as MACD and RSI show current bullish sentiment.
