Bitcoin

Resistance

Gains

Bitcoin price remained below the $68,500 resistance zone. BTC is consolidating its gains and might aim for a fresh upward move in the near term. 
<ul> 
 <li>Bitcoin started a consolidation phase below the $68,500 resistance zone.</li> 
 <li>The price is trading above $66,800 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might extend gains and trade above the $68,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-holds-gains-above-67k">Bitcoin Price Holds Gains Above $67K</h2> 
Bitcoin price extended its increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-regains-68k/" target="_blank" rel="noopener ">$66,500 and $67,000 resistance levels</a>. BTC even spiked above the $68,000 level before the bears appeared. It seems like the bears are active near the $68,500 level. 
The recent high was formed near $68,240 and the price is slowly moving lower. There was a move below the $67,500 level. The price dipped below the 50% Fib retracement level of the upward move from the $66,600 swing low to the $68,240 high. 
Bitcoin price is now trading above $66,800 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-downside-63k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $66,600 swing low to the $68,240 high. 
If there is a fresh increase, the price could face resistance near the $68,250 level. The first key resistance is near the $68,500 level. A clear move above the $68,500 resistance might spark another increase in the coming sessions. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_6a2f55.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631022 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_6a2f55.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_6a2f55.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_6a2f55.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_6a2f55.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_6a2f55.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_6a2f55.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_6a2f55.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_6a2f55.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $68,800. The next major hurdle sits at $69,200. A close above the $69,200 resistance might push the price further higher. In the stated case, the price could rise and test the $70,000 resistance. 
<h2 id="are-dips-supported-in-btc">Are Dips Supported In BTC?</h2> 
If Bitcoin fails to climb above the $68,250 resistance zone, it could start a downside correction. Immediate support on the downside is near the $67,200 level. 
The first major support is $66,600. The next support is now near $66,000. Any more losses might send the price toward the $65,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $67,200, followed by $66,600. 
Major Resistance Levels – $68,200, and $68,500.

Bitcoin Price Consolidates: Is Another Pump on the Horizon?

Table of Contents

NewsBTC

Muita 23. heinäk. 2024 julkaistuja artikkeleja

BNB Chain to Host Second BNB Incubation Alliance at Bitcoin 2024 Nashville

Start Mining on Your iPhone with BlockDAG X1 App for Massive Daily – Effortless Onboarding Amid X...

AAVE Price Targets $100 Comeback as DeFi Lending Hits $8.22 Billion

Senator Cynthia Lummis releases report attacking Biden’s mining tax

How Biden Dropping Out Benefits the Crypto Industry

Solana Gains Attention with Significant Price Increase

Join our free newsletter for daily crypto updates!