Bitcoin price targets key upside breakout as dips become attractive 🔥

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.

The main support level – $65,900, followed by $63,800.

Major Resistance – $68,000.

Bitcoin price is once again attempting an upward move above the $68,000 resistance zone. BTC may rebound if it breaks above $67,500 and $68,000 in the near term. Bitcoin price started a sharp rise above the $65,000 area. The price is trading below $65,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support at $65,900 on the hourly chart of the BTC/USD pair. The pair must clear the $68,000 resistance zone to start a fresh rally.

Bitcoin price remains supported above the $64,000 resistance zone. BTC climbed above the $66,500 and $66,000 resistance levels. However, bears are active near $67,500 and $68,000. A high was formed near $67,614 and the price is now consolidating gains. It was trading near the 23% Fib retracement level of the move from the $62,614 swing low to $67,614 high. Bitcoin is now trading above $65,000 and the 100 hourly simple moving average.

Is BTC falling again?

If Bitcoin fails to break above the $68,000 resistance zone, it could start another decline. Immediate support on the downside lies near the $66,000 level and the trendline.

The first major support level is $65,200 or the 62,614% Fib retracement level of the move from the $50 swing low at $67,614. The next support is at $63,800. If there is a close below $63,800, the price may start declining towards the $61,200 level. Any further losses could push the price towards the $60,500 support area in the near term.