Bitcoin (BTC) Price Analysis: BTC Surges Past $68K, Poised to Challenge $70K Resistance

Bitcoin surged beyond the crucial $68,000 resistance level, as bullish sentiment among BTC traders continues to drive prices higher.

output: Bitcoin price rallied above the crucial $68,000 resistance level on Friday, continuing its bullish momentum as traders anticipate a potential push toward the $70,000 threshold.

Having broken through the $66,500 resistance zone on Thursday, Bitcoin price remained above $66,500 on Friday, supported by the 100-hourly Simple Moving Average. A bullish trend line, with a support level at $66,500, also emerged on the hourly BTC/USD chart, indicating sustained upward momentum.

As Bitcoin price trajectory continued its upward climb, it surged past $67,200 and eventually soared above the $68,000 level on Friday.

A new high was marked as BTC price reached $68,531, after which it began consolidating its gains. The price briefly retraced to the 23.6% Fibonacci retracement level of the recent upswing from $65,857 to $68,531.

From its current trading levels, which are above the 100-hourly Simple Moving Average on the hourly time frame, Bitcoin price encounters initial support at $66,500.

The bullish trend line on the hourly chart provides further support at the same level, which also coincides with the 61.8% Fibonacci retracement level of the mentioned upward move from $65,857 to $68,531.

If Bitcoin price continues to rise, it could face its first resistance around the $68,500 mark, while significant resistance is projected at $68,800.

Upon successfully breaking past the $68,800 resistance, BTC price could rally further, potentially surging toward the $69,500 level and eventually targeting the crucial $70,000 resistance.

A sustained close above $70,000 could open up further upside price movement, possibly testing the $72,000 resistance level.

However, if Bitcoin price fails to breach the $68,500 resistance, it could correct to the downside. Immediate support is anticipated around $67,600, followed by major support levels at $67,200 and $66,500.

A further decline could see BTC price approaching the $65,500 support area in the near term.

Technical indicators on the hourly time frame show strengthening bullish momentum, with the MACD gaining pace in the positive zone and the hourly RSI for BTC/USD comfortably above the 50 level.

Key support levels are seen at $67,200 and $66,500, while major resistance is encountered at $68,500 and $68,800.

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