Bitcoin price is trying a fresh surge above the $67,000 zone. BTC could gain momentum if it clears the $68,750 resistance zone.

• Bitcoin has started a fresh rally from the $65,500 zone.
• The price is above $67,200 and Simple’s 100-hour moving average.
• A connecting bullish trend line is forming on the hourly chart of the BTC/USD pair with support at $67,400 (feeding data from Kraken).
• The pair could gain bullish momentum if it breaks the resistance zone at $68,750.

Bitcoin price has more advantages

Bitcoin price found support near the $65,500 zone. The low formed at $65,531 and the price began a fresh rally above the resistance at $66,200.

The price rose above the $67,000 and $67,500 levels. There was a move above the 61.8% Fib retracement level as part of a move down from a high of $68,699 to a low of $65,531. There is also a connecting bullish trendline with support at $67,400 on the hourly chart of the BTC/USD pair.

Bitcoin price is currently above $67,200 and the 100-hour uncomplicated moving average. On the other hand, the price may face resistance near the $68,000 level. It is close to the 76.4% Fib retracement level, which is a downward move from a high of $68,699 to a low of $65,531.

The first key resistance is near the $68,500 level. A clear move above the resistance at $68,500 could result in a price augment. The next key resistance could be $68,750.

A close above the resistance at $68,750 may trigger further increases. In this case, the price could move higher and test the resistance level at $69,200. Any further upside could push the price towards the $70,000 resistance level. Any further gains could require a test of $71,200.

Another BTC drop?

If Bitcoin does not rise above the $68,000 resistance zone, it could begin another decline. Immediate downside support is located near the $67,400 level and the trend line.

The first major support is near the $67,200 level. The next support is now near the $66,250 zone. Any further losses could push the price towards the $66,000 support in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major support levels – $67,400 and then $67,200.

Major resistance levels – $68,000 and $68,750.