Key Takeaways:
- Bitcoin started a strong recovery wave above the $63,500 resistance.
- BTC/USD is still following a bullish flag pattern with resistance at $68,000 on the daily chart.
- The price is now above the 50-day simple moving average (blue) and could rally if there is a close above $68,000.
Bitcoin price is showing signs of life above the $63,500 resistance zone. BTC is up over 5% and might soon aim for an upside break.
Bitcoin Price Rips Higher
In the last analysis with a daily chart, we discussed how Bitcoin price remained strong above the $57,000 and $60,000 support levels. The bears made many attempts to push BTC below the $57,000 zone but they failed. The last swing low was at $57,072 before the price recovered higher.
In the past few sessions, the price gained bullish momentum and broke many hurdles near the $63,500 resistance zone. There was a move above the 50% Fib retracement level of the downward move from the $72,762 swing high to the $57,072 low.
Bitcoin price is now trading above the 50-day simple moving average (blue). Besides, it is still following a bullish flag pattern with resistance at $68,000 on the daily chart.
Immediate resistance on the upside sits at the $66,750 zone or the 61.8% Fib retracement level of the downward move from the $72,762 swing high to the $57,072 low. The first major resistance is still near the bullish flag trend line at $68,000.
If BTC price breaks the $66,750 resistance and settles above the $68,000 resistance, it could trigger a major upward move. The next key resistance sits at $69,000, above which the price could accelerate higher. A daily close above the $69,000 resistance zone could open the doors for a move toward the $75,000 region.
Another Rejection In BTC?
Conversely, Bitcoin price might struggle near $66,750 or $68,000 and start another decline. Immediate support is now near the 50-day simple moving average (blue) at $65,000.
The first major support is near the $63,500 zone. The next support is now forming near the $62,200 zone, below which the price might test the key support at $60,000. The main uptrend support is still near the $56,000-$57,000 zone.
If the bulls fail to protect the $57,000 support, there could be a larger decline. In the stated case, the price might decline toward the $46,850 support.
Overall, Bitcoin is rising and boosting the crypto market sentiment. However, BTC/USD still needs to clear the $66,750 and $68,000 resistance levels to spark a fresh uptrend.
