Bitcoin Price Analysis: BTC Restarts Increase And Aims More Gains
Bitcoin price is attempting a fresh increase from the $60,000 zone against the US Dollar.
The price is now trading above $65,000 and the 55 simple moving average (4 hours).
There is a key rising channel forming with resistance near $67,800 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
The pair could start a fresh increase if it clears the $67,800 resistance zone.
Bitcoin price is rising from $60,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $64,000 zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline after it failed to clear the $73,000 resistance. BTC declined below the $65,500 and $64,000 support levels to enter a short-term bearish zone.
There was also a move below the $61,200 level. A low was formed near $59,648 and the price is now attempting a fresh increase. The bulls were able to push the price above the $64,000 level. The price is now above the 50% Fib retracement level of the downward wave from the $72,777 swing high to the $59,648 low.
Bitcoin price is now trading above $65,000 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $67,800 level or the 61.8% Fib retracement level of the downward wave from the $72,777 swing high to the $59,648 low.
There is also a key rising channel forming with resistance near $67,800 on the 4-hour chart of the BTC/USD pair. The next major resistance might be near the $69,500 zone. A clear move above the $69,500 resistance level might send the price toward $72,000.
Any more gains might push the price toward the $75,000 zone. If there is no upside break, the price might start a fresh decline below the $66,000 level.
The first major support is $65,000. The next key support is near the $64,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $62,500 level.
Looking at the chart, Bitcoin’s price is trading above $65,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $67,800 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $66,000 and $64,000.
Key Resistance Levels – $67,800, $69,500, and $72,000.
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Filed under: Bitcoin - @ April 24, 2024 3:18 am