Bitcoin

Resistance

Gains

Bitcoin price found support at $67,000 and started a fresh increase. BTC climbed above $69,500 and might continue to rise in the near term. 
<ul> 
 <li>Bitcoin started a decent increase above the $68,500 and $69,500 resistance levels.</li> 
 <li>The price is trading above $68,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum if it settles above the $69,500 level.</li> 
</ul> 
<h2 id="bitcoin-price-remains-traction">Bitcoin Price Remains Traction</h2> 
Bitcoin price <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-slips-67k/" target="_blank" rel="noopener ">extended its decline</a> below the $67,200 level. BTC retested the $66,650 zone and recently started a fresh increase. There was a clear move above the $68,500 resistance zone. 
There was a break above a key bearish trend line with resistance at $68,000 on the hourly chart of the BTC/USD pair. The pair even cleared the $69,500 resistance zone and spiked above $70,000. A high was formed at $70,253 and the price is now correcting gains. 
There was a move below the $69,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $67,283 swing low to the $70,253 high. 
Bitcoin is now trading above $68,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoins-upside-fading-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. It is also holding gains above the 50% Fib retracement level of the upward move from the $67,283 swing low to the $70,253 high. On the upside, the price is facing resistance near the $69,200 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_66ed37.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-611310 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_66ed37.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_66ed37.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_66ed37.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_66ed37.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_66ed37.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_66ed37.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_66ed37.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_66ed37.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first major resistance could be $69,550. The next key resistance could be $70,000. A clear move above the $70,200 resistance might send the price higher. In the stated case, the price could rise and test the $70,600 resistance. Any more gains might send BTC toward the $72,000 resistance. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to climb above the $69,500 resistance zone, it could start another decline. Immediate support on the downside is near the $68,750 level. 
The first major support is $68,400. The next support is now forming near $68,000. Any more losses might send the price toward the $67,200 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 50 level. 
Major Support Levels – $68,400, followed by $68,000. 
Major Resistance Levels – $69,500, and $70,000.

Bitcoin Price Gains Momentum: Bullish Surge Ahead?

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