After a period of decline, Bitcoin has successfully surpassed the $67,303.98 resistance level, demonstrating a potential rally in recent trading sessions.
As of now, BTC’s value has increased by 0.04%, reaching approximately $67,303.98. The bullish indications are evident as the price holds above the $64,554.45 resistance level.
Both the 4-hour and daily charts show Bitcoin trading above the bearish trend line and the 100-day Simple Moving Average (SMA), supporting a bullish outlook.
The Relative Strength Index (RSI) on the 4-hour timeframe indicates bullish momentum, with the RSI line approaching the overbought region above the 50% level, hinting at potential consolidation before a further uptrend.
Moreover, the 1-Day MACD presents a bullish picture, as the histograms trend above zero while the MACD lines move towards a cross above the zero line, signaling a likely upward price movement.
Observing the 1-Day Alligator indicator, Bitcoin has surpassed the William Alligator, with both the jaw and lip crossing above the teeth, suggesting an upward trend.
Potential Scenarios If Bitcoin’s Upward Trend Continues
Bitcoin faces resistance levels at $67,267.79 and $71,337.80. A sustained upward momentum could propel the price towards the $71,337.80 barrier after breaking the $67,267.79 level, leading to a significant price increase and potentially setting a new yearly high.
Possible Outcome of Price Decline
If Bitcoin fails to overcome these resistance levels, a downward trajectory is expected. The key support levels for Bitcoin include $64,554.45, $60,137.39, and $56,540.64. Failure to hold at $64,554.45 might push the price towards $60,137.39 and $56,540.64 support levels.
