The recent movement in Bitcoin’s price in the market indicates a potential upside breakout above the $68,000 resistance level. Bitcoin saw a rise above $66,500 and $66,000, but faced resistance near $67,500 and $68,000.
It’s consolidating gains near the $65,000 mark and the 100 hourly Simple Moving Average. A bullish trend line is forming with support of around $65,900. If Bitcoin clears the $68,000 resistance, it could aim for further gains towards $69,200 and $70,000.
However, failure to breach $68,000 might lead to another decline. Immediate support levels are around $66,000 and $65,200, followed by $63,800. Further losses could see Bitcoin dropping toward $61,200 and $60,500.
Technical analysis indicators suggest a weakening bullish momentum, although the Relative Strength Index (RSI) is above 60.
Source: NEWSBTC
