Key Takeaways:
- Bitcoin is facing a major hurdle near the $67,500 region.
- BTC/USD is testing a connecting bearish trend line with resistance at $67,200 on the daily chart.
- The price could start a fresh increase if there is a close above the 50-day simple moving average (blue).
Bitcoin price remained strong above the $60,000 support zone. BTC started a fresh increase and now faces a major hurdle at $67,500.
Bitcoin Price Holds Key Uptrend Support
In the last analysis with a weekly chart, we discussed the importance of the $60,000 support zone for Bitcoin. The price did test dive, but the bulls were active near the $60,000 zone and the parabolic curve. A low was formed at $59,675, and the price started a fresh increase.
BTC climbed higher above the $65,000 resistance zone. It sparked positive moves in cryptocurrencies such as Ethereum, Solana, XRP, BNB, and Dogecoin.
Bitcoin price surpassed the 50% Fib retracement level of the downward move from the $72,762 swing high to the $59,675 low. However, the price is now testing a connecting bearish trend line with resistance at $67,200 on the daily chart.
It seems like BTC is facing a major hurdle near the $67,000 and $67,500 levels. It is close to the 61.8% Fib retracement level of the downward move from the $72,762 swing high to the $59,675 low and coincides with the 50-day simple moving average (blue).
To continue higher and gain bullish momentum, the price must settle above the $67,500 resistance and the 50-day simple moving average (blue). The next key resistance sits at $70,000, above which the price could accelerate higher.
The main resistance is now near the $72,650 level. The next major resistance might be near the last high at $73,600. A daily close above the $73,600 resistance zone could open the doors for a move toward the $80,000 region.
Another Drop In BTC?
Conversely, Bitcoin price might face rejection near $67,600 and start another decline. Immediate support is near the $65,000 level. The first major support is near the $64,000 zone.
The next support is now forming near the $62,000 zone. The main uptrend support is still near the $60,000 region. If the bulls fail to protect the $60,000 support, there could be a larger decline. In the stated case, the price might decline toward the $50,000 support.
Overall, Bitcoin price is holding gains above the $64,000 support zone. If BTC/USD clears the $67,500 resistance, it could gain bullish momentum. If not, there could be a drop toward the $62,000 support.
