The current price movement of Bitcoin hints at a potential correction in the near future. Despite showing some positive signs and trading above key levels such as $68,000 and the 100 hourly Simple Moving Average, Bitcoin needs to settle above the $70,000 resistance to continue its upward trend.
A key bullish trend line is forming with support near $68,800. If Bitcoin manages to stay above the $68,000 support zone, it could start another increase. On the upside, immediate resistance is near $69,800, followed by $70,000 and $71,200.
However, if Bitcoin fails to rise above the $70,000 resistance, it could trigger a downside correction. Immediate support levels to watch are $69,000 and the trend line, followed by $67,800 and $66,500.
Source: NEWSBTC
