Bitcoin (BTC) Price Analysis: BTC Surges Above $68,000 Resistance, Aims to Surpass $69,500 Mark

Bitcoin has surged above the $68,000 resistance level, showing remarkable stability and aiming to surpass the $69,500 mark in its quest for higher values.

Bitcoin price analysis: BTC eyes $69,500 after forming contracting triangle on the hourly chart

Bitcoin price is showing remarkable stability above the $68,000 resistance level, aiming to breach the $69,500 mark in its quest for higher values. The cryptocurrency has maintained its strength above the $68,500 zone, consistently trading beyond this point and the 100-hourly Simple Moving Average (SMA).

Currently, a significant contracting triangle has formed on the hourly chart of the BTC/USD pair, with support established at $68,750. If Bitcoin manages to close above the crucial $69,450 resistance zone, it could pave the way for further gains.

The price has shown resilience above the $67,500 support zone, initiating a fresh upward trend breaking past the $68,000 resistance area. This bullish momentum has helped clear a substantial barrier at $68,800, lifting the price above $69,000 and reaching a high near $69,428. Despite a slight dip below $69,000, Bitcoin remains stable above the 23.6% Fibonacci retracement level of the upward movement from the $66,644 swing low to the $69,428 high.

Bitcoin is now trading above $68,200 and the 100-hourly SMA. The contracting triangle suggests a support level at $68,750 on the BTC/USD hourly chart. On the upside, resistance is anticipated near $69,200, with the first significant resistance at $69,500. Surpassing this level could drive the price higher, potentially testing the $70,000 resistance next. A close above this mark may lead to even more gains, targeting resistance at $71,200 and eventually $72,000 if the bullish momentum continues.

However, should Bitcoin fail to clear the $69,500 resistance, a decline could ensue. Immediate support is present near $68,750, aligning with the triangle’s trend line. Major support is then found near $68,050, around the 50% Fibonacci retracement level of the recent upward movement, with further support at $67,400. A steeper decline could push the price down to around $66,500 in the near term.

Technical indicators reflect a bullish trend with the hourly MACD gaining momentum in the positive zone. The Relative Strength Index (RSI) for BTC/USD stands above the 50 level, indicating bullish sentiment.

Key support levels to watch are $68,750, followed by $68,500, while resistance levels include $69,500 and $70,000.

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