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?

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