Bitcoin Price Climbs: Is This the Beginning of a Bull Run?
Bitcoin Price Climbs: Is This the Beginning of a Bull Run?
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Bitcoin’s price has surged past the $68,000 resistance level, setting its sights on conquering the $69,500 mark. This upward momentum suggests a potential bull run is underway.
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The Bitcoin price has consolidated above the $68,500 zone, currently trading above the 100-hour Simple Moving Average. This bullish trend is further reinforced by the formation of a key contracting triangle on the hourly chart of the BTC/USD pair (data feed from Kraken), with support at $68,750.
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A decisive break above the $69,450 resistance zone could propel the price further.
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Bitcoin Price on the Verge of $70,000
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Following its climb above the $67,500 level, Bitcoin continued its upward surge, crossing the $68,000 resistance. The bulls successfully breached the $68,800 barrier, even reaching a high near $69,428 before consolidating its gains. Although a minor dip below $69,000 occurred, the price remains stable above the 23.6% Fib retracement level of the upward move from the $66,644 swing low to the $69,428 high.
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Bitcoin is currently trading above $68,200 and the 100-hour Simple Moving Average.
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Potential for Continued Growth
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The potential for continued growth in Bitcoin’s price is evident. The next key resistance levels are situated near $69,200, $69,500, and $70,000. A successful breakout above $69,500 could fuel a substantial rally, potentially driving the price towards the $71,200 and $72,000 resistance levels.
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Downside Risks
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While the current outlook appears bullish, there are potential risks to consider. If Bitcoin fails to break above the $69,500 resistance zone, it could trigger a decline. Immediate support lies near the $68,750 level and the triangle’s trend line.
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Further downside support levels are located near $68,050 (50% Fib retracement level), $67,400, and $66,500.
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Technical Indicators
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The Hourly MACD is gaining momentum in the bullish zone, while the Hourly RSI (Relative Strength Index) for BTC/USD is currently above the 50 level.
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Major Support Levels:
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- $68,750
- $68,500
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Major Resistance Levels:
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- $69,500
- $70,000
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