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Bitcoin Price Analysis: BTC Restarts Increase And Aims More Gains

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  • 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.

Bitcoin Price
Bitcoin Price

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.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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