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28 Jul
Digital Currencies

Bitcoin Price Poised for Fresh Pump: Market Prepares for Upswing

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Bitcoin price started a fresh increase above the $68,000 resistance. BTC is now rising and might climb toward the $70,000 resistance zone.

  • Bitcoin formed a base and started a fresh increase above the $68,000 resistance zone.
  • The price is trading above $68,500 and the 100 hourly Simple moving average.
  • 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).
  • The pair might accelerate higher toward the $70,000 and $70,800 levels in the short term.

Bitcoin Price Could Soon Retest $70,000

Bitcoin price remained in a positive zone 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 100 hourly Simple moving average . 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.

Bitcoin Price Poised for Fresh Pump: Market Prepares for Upswing
Source: BTCUSD on TradingView.com

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.

Are Dips Limited In BTC?

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.