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Bitcoin Price Regains Strength: Is The Rally Back On?

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Aayush Jindal

Key Highlights

  • Bitcoin price started a fresh increase from the $65,200 zone.
  • BTC surpassed a major bearish trend line with resistance at $68,100 on the 4-hour chart.
  • Gold prices could surge further above the $2,765 resistance.
  • EUR/USD is consolidating losses above the 1.0760 zone.

Bitcoin Price Technical Analysis

Bitcoin price started a fresh increase above the $66,500 resistance zone. BTC/USD climbed the $67,000 and $68,000 levels to move into a positive zone.

Looking at the 4-hour chart, the price surpassed a major bearish trend line with resistance at $68,100. It settled above the $68,000 level, the 200 simple moving average (green, 4 hours), and the 100 simple moving average (red, 4 hours).

The bulls pushed the price above the 76.4% Fib retracement level of the downward move from the $69,524 swing high to the $65,202 low. On the upside, the price could face resistance near the $71,500 level.

The next key resistance is at $72,000. A successful close above $72,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $73,000 level or even a new all-time high.

If not, there might be another downside correction. Immediate support is near the $68,200 level. The next key support sits at $67,500. A downside break below $67,500 might send Bitcoin toward the $66,500 support. Any more losses might send the price toward the $65,500 support zone.

Looking at EUR/USD, the pair saw a lot of bearish moves and recently started a consolidation phase above the 1.0760 support.

Today’s Economic Releases

  • US Housing Price Index for August 2024 (MoM) - Forecast +0.1%, versus +0.1% previous.
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