Bitcoin Starts Fresh Rally, Why BTC Could Breach $70K This Time
08 Novembro 2021 - 12:08AM
NEWSBTC
Bitcoin price started a fresh rally above $65,000 against the US
Dollar. BTC is showing positive signs and it could rise further
towards $70,000. Bitcoin started a fresh increase above the $62,500
and $63,500 resistance levels. The price is now trading above
$65,000 and the 100 hourly simple moving average. There was a break
above a major bearish trend line with resistance near $61,550 on
the hourly chart of the BTC/USD pair (data feed from Kraken). The
pair could accelerate further higher once there is a close above
the $66,000. Bitcoin Price Gains Pace Bitcoin price remained well
bid above the $60,000 support zone. As a result, BTC started a
fresh rally above the $62,500 and $63,500 resistance levels. The
bulls even pumped the price above the $65,000 level and the 100
hourly simple moving average. Besides, there was a break above a
major bearish trend line with resistance near $61,550 on the hourly
chart of the BTC/USD pair. The pair gained pace for a move above
the $65,500 level. A high is formed near $65,681 and the price is
now consolidating gains. Bitcoin is trading well above the 23.6%
Fib retracement level of the upward move from the $60,129 swing low
to $65,681 high. On the upside, an immediate resistance is near the
$65,500 level. The first major resistance is near the $66,000
level. Source: BTCUSD on TradingView.com A clear break above
$66,000 resistance may possibly call open the doors for a fresh
rally. The next major resistance sits near the $68,500 level. Any
more gains might lead the price towards the $70,000 level. Dips
Limited in BTC? If bitcoin fails to clear the $66,000 resistance
zone, it could start a fresh downside correction. An immediate
support on the downside is near the $64,500 level. The first major
support is now forming near the $63,000 level. It is near the 50%
Fib retracement level of the upward move from the $60,129 swing low
to $65,681 high. A clear close below the $63,000 support could open
the doors for a move towards the $62,500 level. The main breakdown
support is near $61,200 and the 100 hourly SMA, below which the
price could accelerate losses. Technical indicators: Hourly MACD –
The MACD is slowly losing pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now in the
overbought zone. Major Support Levels – $64,500, followed by
$63,000. Major Resistance Levels – $65,500, $66,000 and $68,500.
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