Bitcoin

Momentum

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoins-price-skyrockets-testing-new-resistance-levels" rel="noopener noreferrer nofollow">Bitcoin’s Price Skyrockets, Testing New Resistance Levels</a><br></p>
<p style="text-align: justify">The <a href="https://en.bitcoinhaber.net/explore-crypto-betting-kalshi-introduces-novel-prediction-contracts-for-crypto-prices" rel="noopener noreferrer nofollow">cryptocurrency</a> market has recently been abuzz as <a href="https://en.bitcoinhaber.net/expert-analyst-sheds-light-on-bitcoins-growth-drivers-and-altcoin-market-potential" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.bitcoinhaber.net/bitcoin-soars-past-60000-as-market-confidence-grows" rel="noopener noreferrer nofollow">BTC</a>) shows signs of a significant price rally. On the heels of an exciting night, Bitcoin has soared to challenge resistance just above $68,000. This surge could potentially mark the beginning of further gains for the digital currency.</p>
<h2 id="bitcoin-s-upward-trajectory-gathers-momentum">Bitcoin’s Upward Trajectory Gathers Momentum</h2>
<p style="text-align: justify">In-depth analysis of the BTC/USD trading pair reveals a considerable climb past the $65,000 mark. Despite this, some investors voice concerns due to Bitcoin’s current position below the 100-hour Simple Moving Average, hinting at possible short-term market fluctuations. The cryptocurrency now faces the hurdle of overcoming resistance at the $67,500 and $68,000 levels to confirm the possibility of an extended rally. A significant support trend line has emerged at $65,900, according to the hourly charts, lending credence to the bullish trend.</p>
<p style="text-align: justify">Recent trading activity shows Bitcoin’s peak price reaching approximately $67,614 before entering a phase of consolidation. Observing the 23.6% Fibonacci retracement level from the recent surge suggests potential future market movements.</p>
<h2 id="considerations-for-a-potential-bitcoin-retreat">Considerations for a Potential Bitcoin Retreat</h2>
<p style="text-align: justify">Despite the encouraging surge, Bitcoin could face a downturn if it fails to breach the key resistance zone. The digital currency’s immediate support is located near $66,000, in line with the ascending trend line. A decline below this point may herald a steeper drop for Bitcoin. The first substantial support level sits at $65,200 or at the 50% Fibonacci retracement level from the recent rally. A move beneath this threshold could imply a bearish market turn.</p>
<p style="text-align: justify">Of greater consequence is a potential close below $63,800, which might precipitate a significant descent towards $61,200, potentially extending losses to the $60,500 support area in the short term. At the time of this report, Bitcoin is trading at approximately $67,460.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoins-price-skyrockets-testing-new-resistance-levels" rel="noopener noreferrer nofollow">Bitcoin’s Price Skyrockets, Testing New Resistance Levels</a></h5>

Bitcoin’s Price Skyrockets, Testing New Resistance Levels

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