Bitcoin (BTC) pushed above $68,000 after breaking through a bearish trend line on the hourly chart, with bulls now targeting the $69,250 resistance level that could open the door to $70,000 and beyond.
BTC Price Action
The price cleared the $67,500 and $68,000 resistance zones after breaking above a bearish trend line at $67,650 on the Kraken BTC/USD hourly chart.
BTC reached a session high of $69,256 before pulling back slightly.
The pair is now consolidating above the 23.6% Fibonacci retracement level of the move from the $65,688 swing low to the $69,256 high. It holds above the 100 hourly simple moving average.
Immediate resistance sits at $69,250, with $69,500 as the next key level. A close above $69,500 could push the price toward $70,000, with $71,500 and $72,000 as further upside targets.
Also Read: Arthur Hayes Reveals The Hidden Threat That Could Tank Bitcoin Below $60K
BTC Downside Risks
Failure to clear $69,250 could trigger a pullback toward $68,800 and then $68,500. A deeper decline would expose the $67,500 zone, which aligns with the 50% Fibonacci retracement of the recent upward move.
Below that, $67,000 serves as near-term support.
The main floor sits at $66,500, and a break below that level would put bulls in a difficult position.
The hourly MACD is gaining momentum in bullish territory, while the RSI remains above 50 — both suggesting the uptrend still has room to run.
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