Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Bitcoin Price Consolidates: Is Another Pump on the Horizon?

Source Newsbtc

Bitcoin price remained below the $68,500 resistance zone. BTC is consolidating its gains and might aim for a fresh upward move in the near term.

Bitcoin started a consolidation phase below the $68,500 resistance zone.
The price is trading above $66,800 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend gains and trade above the $68,500 resistance zone.

Bitcoin Price Holds Gains Above $67K

Bitcoin price extended its increase above the $66,500 and $67,000 resistance levels. BTC even spiked above the $68,000 level before the bears appeared. It seems like the bears are active near the $68,500 level.

The recent high was formed near $68,240 and the price is slowly moving lower. There was a move below the $67,500 level. The price dipped below the 50% Fib retracement level of the upward move from the $66,600 swing low to the $68,240 high.

Bitcoin price is now trading above $66,800 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $66,600 swing low to the $68,240 high.

If there is a fresh increase, the price could face resistance near the $68,250 level. The first key resistance is near the $68,500 level. A clear move above the $68,500 resistance might spark another increase in the coming sessions.

The next key resistance could be $68,800. The next major hurdle sits at $69,200. A close above the $69,200 resistance might push the price further higher. In the stated case, the price could rise and test the $70,000 resistance.

Are Dips Supported In BTC?

If Bitcoin fails to climb above the $68,250 resistance zone, it could start a downside correction. Immediate support on the downside is near the $67,200 level.

The first major support is $66,600. The next support is now near $66,000. Any more losses might send the price toward the $65,500 support zone in the near term.

Technical indicators:

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 50 level.

Major Support Levels – $67,200, followed by $66,600.

Major Resistance Levels – $68,200, and $68,500.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

Sep 20, Sun

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Bitcoin squeezes back above $80,000 — 110,000 traders liquidated as the hawkish Fed and CLARITY setback fail to hold it down; is $83,000 next?Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Author Suzie

Sep 20, Sun

Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Bitcoin rallies near $86K on improving markets ahead of quarterly options expiry Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Author FXStreet

11 hours ago

Bitcoin (BTC) market conditions improved over the past week as spot buying pressure strengthened and derivatives positioning increased, pushing the top crypto near $86,000.

Bitcoin holds above $86,000 as four of five majors hit 3-month highs — why XRP is the odd one out Bitcoin broke above $86,000 for the first time since late January and four of the five largest cryptocurrencies hit three-month highs — but XRP, despite leading the 24-hour gains, is the only one that failed to confirm. Roughly $900 million of leveraged positions were liquidated in 24 hours, with shorts making up 86-90% of the total.

Author Suzie

6 hours ago

Bitcoin broke above $86,000 for the first time since late January and four of the five largest cryptocurrencies hit three-month highs — but XRP, despite leading the 24-hour gains, is the only one that failed to confirm. Roughly $900 million of leveraged positions were liquidated in 24 hours, with shorts making up 86-90% of the total.

Popular Symbols