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Bitcoin’s price has started a steady advance above the $68,000 zone. BTC is showing positive signs and could extend gains if it clears the $69,250 level.
Bitcoin gained momentum for a move above the $67,500 and $68,000 levels. The price is currently trading above $68,500 and the 100 hourly simple moving average.
On the hourly chart for the BTC/USD pair, there was a break above a bearish trend line, with resistance previously noted around $67,650. The pair climbed above $69,000, forming a high at $69,256, and is now consolidating above the 23.6% Fibonacci retracement level of the upward move from the $65,688 swing low to the $69,256 high.
If BTC remains stable above $68,500, it may attempt another increase. Immediate resistance is near $69,250.
The first key resistance is around $69,500. A close above $69,500 could push the price higher, potentially toward the $70,000 resistance. Further gains may extend the move toward $71,500, with the next barrier for bullish momentum at $72,000.
If Bitcoin fails to move above the $69,250 resistance zone, it could begin another decline.
Immediate support is near $68,800, followed by $68,500. Additional downside support is around the $67,500 area, which also aligns with the 50% Fibonacci retracement level of the move from the $65,688 swing low to the $69,256 high. If losses continue, BTC could test the $67,000 support in the near term, while the main support is now at $66,500—below which recovery may be difficult.
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