Bitcoin

Resistance

Green

Bitcoin price is again attempting an upside break above $68,000 resistance zone. BTC could rally if it clears $67,500 and $68,000 in the near term. 
<ul> 
 <li>Bitcoin price started a decent increase above the $65,000 zone.</li> 
 <li>The price is trading below $65,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $65,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair must clear the $68,000 resistance zone to start a fresh rally.</li> 
</ul> 
<h2 id="bitcoin-price-turns-green">Bitcoin Price Turns Green</h2> 
Bitcoin price remained supported above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-68k/" target="_blank" rel="noopener ">$64,000 resistance zone</a>. BTC climbed higher above the $66,500 and $66,000 resistance levels. However, the bears were active near the $67,500 and $68,000 levels. 
A high was formed near $67,614 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $62,614 swing low to the $67,614 high. Bitcoin is now trading above $65,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-jumps-68k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
There is also a key bullish trend line forming with support at $65,900 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $67,500 level. The first major resistance could be $68,000. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_430436.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-599445" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_430436.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_430436.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_430436.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_430436.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_430436.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_430436.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_430436.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_430436.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
If there is a clear move above the $68,000 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $69,0200 resistance zone in the near term. The next key resistance sits at $70,000. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support on the downside is near the $66,000 level and the trend line. 
The first major support is $65,200 or the 50% Fib retracement level of the upward move from the $62,614 swing low to the $67,614 high. The next support sits at $63,800. If there is a close below $63,800, the price could start a drop toward the $61,200 level. Any more losses might send the price toward the $60,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level. 
Major Support Levels – $65,900, followed by $63,800. 
Major Resistance Levels – $67,500, $68,000, and $69,200.

Bitcoin Price Aims Key Upside Break As Dips Turn Attractive

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