Bitcoin Price Builds for Surge, Bulls Eye Explosive Breakout

The pair might start another decline if it stays below the 69,250 and 69,500 levels. Bitcoin Price Gains Traction Bitcoin price managed to climb higher above the 67,250 resistance zone. BTC gained pace for a move above the 67,500 and 68,000 levels. There was a break above a bearish trend line with resistance at 67,650 on the hourly chart of the BTC/USD pair. The pair even climbed above 69,000. A high is formed at 69,256, and the price is now consolidating above the 23.6 Fib retracement level of the upward move from the 65,688 swing low to the 69,256 high. Bitcoin is now trading above 68,000 and the 100 hourly simple moving average. If the price remains stable above 68,500, it could attempt a fresh increase. Immediate resistance is near the 69,250 level. The first key resistance is near the 69,500 level. A close above the 69,500 resistance might send the price further higher. In the stated case, the price could rise and test the 70,000 resistance. Any more gains might send the price toward the 71,500 level. The next barrier for the bulls could be 72,000. Another Decline In BTC? If Bitcoin fails to rise above the 69,250 resistance zone, it could start another decline. Immediate support is near the 68,800 level. The first major support is near the 68,500 level. The next support is now near the 67,500 zone or the 50 Fib retracement level of the upward move from the 65,688 swing low to the 69,256 high. Any more losses might send the price toward the 67,000 support in the near term. The main support now sits at 66,500, below which BTC might struggle to recover 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 50 level. Major Support Levels – 68,500, followed by 68,000. Major Resistance Levels – 69,250 and 69,500.