Categories: Bitcoin Latest News

Bitcoin Price Jumps 10% But Can Pump BTC Back To $70K?

Bitcoin price started a strong recovery wave from the $60,800 zone. BTC is up nearly 10% and now facing hurdles near the $68,800 resistance.

Bitcoin price started a decent increase from the $60,800 support zone.
The price is trading above $64,500 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $65,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the $68,800 resistance zone to start a fresh uptrend.

Bitcoin Price Recovers 10%

Bitcoin price extended its decline below the $62,500 zone. BTC even spiked below the $61,200 level before the bulls appeared near $60,800. A low was formed near $60,778 and the price is now moving higher.

There was a decent increase above the $63,000 and $64,000 resistance levels. The price even cleared the 50% Fib retracement level of the downward move from the $68,898 swing high to the $60,778 low. There was a break above a key bearish trend line with resistance at $65,000 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $64,500 and the 100 hourly Simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $68,898 swing high to the $60,778 low.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $68,000 level. The first major resistance could be $68,800. If there is a clear move above the $68,800 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $70,000 resistance zone in the near term. The next key resistance sits at $72,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $68,800 resistance zone, it could start another decline. Immediate support on the downside is near the $66,800 level.

The first major support is $65,500. The next support sits at $64,800. If there is a close below $64,800, the price could start a drop toward the $63,000 level. Any more losses might send the price toward the $62,500 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 60 level.

Major Support Levels – $65,500, followed by $64,800.

Major Resistance Levels – $68,000, $68,800, and $70,000.

[#item_full_content]NewsBTCRead More

Recent Posts

Bitcoin’s Market at a Crossroads: Are Long-Term Holders Signalling a Correction or a Rally?

The role of Bitcoin long-term holders (LTHs) has again come under the microscope of analysts…

45 minutes ago

Analyst Says Bitcoin Price At $100,000 Is A ‘Dangerous Zone’, Predicts Massive Crash

The Bitcoin price recently achieved a monumental milestone, crossing the $100,000 threshold for the first…

7 hours ago

The Joule Paradox: Energy sets the value of bitcoin and bitcoin sets the value of energy

Early in our thinking about the interaction between bitcoin and energy it became obvious to…

11 hours ago

Did Hawk Tuah Crypto Debacle Eclipse Bitcoin’s $100K Moment?

One bitcoin is worth $100,000 — a milestone that has <a href="https://www.coindesk.com/business/2024/12/05/bitcoin-at-100-k-industry-reaction" target="_blank">crypto OGs in…

12 hours ago

Crypto Daybook Americas: It’s Glass Half Full Despite Record Short Bitcoin ETF Volume

By Omkar Godbole (All times ET unless indicated otherwise) You know how it feels when…

15 hours ago

Has Bitcoin Reached Its Cycle Top? Insights From Leading Analysts

Bitcoin experienced extreme volatility yesterday after reaching a new all-time high of $104,088 on Wednesday.…

15 hours ago