bullish

Bitcoin

Resistance

Bitcoin price started a fresh increase above the $68,000 resistance. BTC is now rising and might climb toward the $70,000 resistance zone.
<ul>
 <li>Bitcoin formed a base and started a fresh increase above the $68,000 resistance zone.</li>
 <li>The price is trading above $68,500 and the 100 hourly Simple moving average.</li>
 <li>There was a break above a key bearish trend line with resistance at $68,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li>
 <li>The pair might accelerate higher toward the $70,000 and $70,800 levels in the short term.</li>
</ul>
<h2 id="bitcoin-price-could-soon-retest-70-000">Bitcoin Price Could Soon Retest $70,000</h2>
Bitcoin price remained in a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovers-65k/" target="_blank" rel="noopener noreferrer nofollow">positive zone</a> above the $65,500 resistance zone. BTC cleared the $66,800 and $67,500 levels to move further into a positive zone. The bulls even pushed the price above the $68,000 resistance.
There was a break above a key bearish trend line with resistance at $68,200 on the hourly chart of the BTC/USD pair. The pair gathered pace for a move above the 76.4% Fib retracement level of the downward move from the $69,398 swing high to the $66,6274 low.
Bitcoin price is now trading above $68,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-falls-65k/" target="_blank" rel="noopener noreferrer nofollow">100 hourly Simple moving average</a>. If the price continues to rise, it could face resistance near the $69,800 level.
The first key resistance is near the $70,000 level or the 1.236 Fib extension level of the downward move from the $69,398 swing high to the $66,6274 low. A clear move above the $70,000 resistance might send the price further higher in the coming sessions. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_98ab86.png?resize=1024%2C461" rel="noopener noreferrer nofollow"><img fetchpriority="high" decoding="async" class="wp-image-631956 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_98ab86.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_98ab86.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_98ab86.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_98ab86.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_98ab86.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_98ab86.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_98ab86.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_98ab86.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" loading="lazy" data-recalc-dims="1"></a>
The next key resistance could be $70,800. The next major hurdle sits at $71,200. A close above the $71,200 resistance might spark bullish moves. In the stated case, the price could rise and test the $72,000 resistance.
<h2 id="are-dips-limited-in-btc">Are Dips Limited In BTC?</h2>
If Bitcoin fails to recover above the $70,000 resistance zone, it could start another decline. Immediate support on the downside is near the $68,750 level.
The first major support is $68,000. The next support is now near $67,250 and the 100 hourly Simple moving average. Any more losses might send the price toward the $66,500 support zone in the near term.
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 – $68,750, followed by $68,000.
Major Resistance Levels – $69,800, and $70,000.

Bitcoin Price Poised for Fresh Pump: Market Prepares for Upswing

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