Bitcoin

Resistance

Bitcoin price is up over 8% and trading above the $67,500 resistance. BTC is eyeing a new all-time high and could even hit the $70,000 level. 
<ul> 
 <li>Bitcoin price is moving higher above the $66,500 support zone.</li> 
 <li>The price is trading above $67,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bullish trend line forming with support at $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could accelerate higher toward the $69,200 resistance or even $70,000.</li> 
</ul> 
<h2 id="bitcoin-price-rallies-again">Bitcoin Price Rallies Again</h2> 
Bitcoin price remained well-bid above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-restarts-rally-65k/" target="_blank" rel="noopener ">$65,000 support zone</a>. A new support base was formed, and the price started another rally above the $66,000 level. There was a steady increase toward the $67,500 level. 
The price is up over 8% and it traded close to the last all-time high. A high is formed at $68,786 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $61,400 swing low to the $68,786 high. 
Bitcoin is now trading above $67,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-attractive-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a connecting bullish trend line forming with support at $66,000 on the hourly chart of the BTC/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_02591b.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-596268" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_02591b.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_02591b.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_02591b.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_02591b.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_02591b.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_02591b.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_02591b.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_02591b.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
Immediate resistance is near the $68,800 level. The next key resistance could be $69,200, above which the price could rise toward the $70,000 resistance zone. If there is a clear move above the $70,000 resistance zone, the price could rise toward the $71,200 level. Any more gains might send the price toward the $75,000 level. 
<h2 id="downside-correction-in-btc">Downside Correction In BTC?</h2> 
If Bitcoin fails to rise above the $68,800 resistance zone, it could start another downside correction. Immediate support on the downside is near the $67,000 level. 
The first major support is $66,000 or the trend line. If there is a close below $66,000, the price could start a decent pullback toward the 50% Fib retracement level of the upward move from the $61,400 swing low to the $68,786 high or $65,000. Any more losses might send the price toward the $63,200 support zone. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $67,000, followed by $66,000. 
Major Resistance Levels – $68,800, $69,200, and $70,000.

Bitcoin Price Sets Eyes On New ATH, $70K Could Be Next Hurdle

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