Bitcoin Price Analysis: BTC Restarts Increase And Aims More Upsides

• Bitcoin price is attempting a fresh increase from the $60,800 zone against the US Dollar.
• The price is now trading above $68,000 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $66,200 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
• The pair could start a fresh increase if it clears the $71,250 resistance zone.

Bitcoin price is rising from $60,800 against the US Dollar. BTC might eye another increase if the bulls remain active above the $68,000 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline after it failed to clear the $73,800 resistance. BTC declined below the $65,500 and $64,000 support levels to enter a short-term bearish zone.

There was also a move below the $62,200 level. A low was formed near $60,771 and the price is now attempting a fresh increase. The bulls were able to push the price above the $65,000 level. The price is now above the 50% Fib retracement level of the downward wave from the $73,835 swing high to the $60,771 low.

There was a break above a key bearish trend line with resistance near $66,200 on the 4-hour chart of the BTC/USD pair. Bitcoin price is now trading above $68,000 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $71,200 level or the 76.4% Fib retracement level of the downward wave from the $73,835 swing high to the $60,771 low. The next major resistance might be near the $72,000 zone. A clear move above the $72,000 resistance level might send the price toward $73,800.

Any more gains might push the price toward the $75,000 zone. If there is no upside break, the price might start a fresh decline below the $70,000 level.

The first major support is $68,800. The next key support is near the $66,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $63,500 level.

Bitcoin Price

Looking at the chart, Bitcoin’s price is trading above $68,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $71,200 resistance zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $70,000 and $68,800.

Key Resistance Levels – $71,200, $72,000, and $73,800.

The post Bitcoin Price Analysis: BTC Restarts Increase And Aims More Upsides appeared first on Live Bitcoin News.