Key Takeaways:
- Bitcoin is holding the key support at $60,000.
- BTC/USD is following a major bullish trend line with support at $64,000 on the daily chart.
- The price could start a fresh surge if it clears the $68,900 resistance zone.
NEW DELHI (CoinChapter.com) — Bitcoin price is attempting a fresh increase from $60,000. BTC/USD could accelerate higher if it clears the $68,900 and $70,000 levels.
Bitcoin Price Holds Support
After trading to a new all-time high above $73,000, Bitcoin price saw a downside correction. There was a pullback below the $70,000 and $68,800 support levels. It dragged other cryptocurrencies lower, including Ethereum, Solana, BNB, and Dogecoin.
The bears were able to push BTC below the 23.6% Fib retracement level of the upward move from the $38,572 swing low to the $73,666 high. Finally, the price tested the $60,000 support zone and stayed well above the 50-day simple moving average (blue).
The bulls remained active above the $60,000 level. Bitcoin is also following a major bullish trend line with support at $64,000 on the daily chart.
The price is now moving higher above the $63,500 resistance zone. On the upside, the bulls are now facing resistance near the $68,900 resistance zone. It is an important reflection zone and a close above the $68,900 level could send the price higher.
The next key resistance sits at $70,000, above which the price could accelerate higher. If the bulls push the price above the $70,000 resistance, there could be a drift toward the $72,500 level. The next major hurdle for the bulls could be near the $73,500 level. A daily close above the $73,500 resistance zone could open the doors for a move toward the $78,000 resistance region.
Another Decline In BTC?
If Bitcoin fails to settle above the $68,900 resistance, there could be a downside correction. Immediate support is near the $65,500 level. The first major support is near the $64,000 level and the trend line.
If the bulls fail to protect the $64,000 support, there could be a larger decline. The next key uptrend support for the current wave sits near the 50-day simple moving average (blue) at $58,800. A downside break below the $58,800 support might spark sharp bearish moves and send the price toward the 61.8% Fib retracement level of the upward move from the $38,572 swing low to the $73,666 high at the $52,000 level.
Overall, Bitcoin price is holding gains above the $64,000 support zone. If BTC/USD clears the $68,900 resistance, it could gain bullish momentum. If not, there could be a drop toward the 50-day simple moving average (blue).
