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Bitcoin Price Breaks $68K and Eyes New ATH, Why Dips Are Attractive

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Aayush Jindal

Key Highlights

  • Bitcoin price extended its rally above $65,000 and $68,000.
  • BTC cleared a rising channel with resistance at $65,750 on the 4-hour chart.
  • Ethereum also rallied above the $3,450 and $3,500 resistance levels.
  • Gold prices are accelerating higher toward the $2,120 resistance.

Bitcoin Price Technical Analysis

Bitcoin price remained in a strong uptrend above the $58,000 level. BTC extended its rally above the $65,000 and $68,000 resistance levels.

Looking at the 4-hour chart, the price settled above the $63,500 pivot level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).

BTC cleared a rising channel with resistance at $65,750 on the same chart. The bulls were able to pump the price above the $68,000 level. A new multi-month high was formed at $68,823 and the price is now consolidating gains.

The first major support is near the $67,000 level. It is close to the 23.6% Fib retracement level of the upward move from the $61,369 swing low to the $68,823 high. The next major support is $66,000. Any more losses might send the price toward the $65,000 support zone.

Immediate resistance is near the $68,750 level. The next resistance is near $69,500 or the last all-time high. A successful close above the $69,500 level might start another steady increase. In the stated case, the price may perhaps rise toward the $72,000 level.

Economic Releases

  • Euro Zone Services PMI for Feb 2024 – Forecast 50.0, versus 50.0 previous.
  • UK Services PMI for Feb 2024 – Forecast 54.3, versus 54.3 previous.
  • US Services PMI for Feb 2024 – Forecast 51.3, versus 51.3 previous.
  • US ISM Services Index for Feb 2024 – Forecast 53.0, versus 53.4 previous.
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