Bitcoin Price Holds Firm: Can It Push to New Highs?
Bitcoin continues to exhibit strength, maintaining its position above the crucial $67,500 resistance zone. After climbing past $68,000, BTC is consolidating gains and could break through the $68,350 resistance, setting the stage for further price appreciation.
Key Points
Stability Above $68,000: Bitcoin remained stable, extending gains past $68,000 and hitting a high of $68,328. It is currently consolidating and faces key resistance at $68,350.
Support Levels: There is a bullish trend line forming near $66,800, providing support, with the price holding above $67,200 and the 100-hour simple moving average.
Upside Potential: A clear move above $68,350 could trigger a rally toward the $68,800 and $70,200 levels. If the price manages to close above $68,800, BTC could even eye the $72,000 mark.
Possible Downside Scenario
Should Bitcoin fail to rise above the $68,000 resistance, a downward correction may occur. Immediate support is at $66,800, followed by stronger support at $66,500. A break below these levels could drive the price down to $65,400.
The Bitcoin price remains bullish, with a breakout above the $68,350 resistance likely to trigger more gains. However, any failure to clear this level could see a pullback toward lower support zones around $66,500. All eyes will be on how BTC handles the $68,000-$68,350 range in the short term.
